Problem Pet Kingdom, Inc.

Jun 29th, 2016
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On November 1, 2005, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows

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1. On November 1, 2005, Janet Morton and Kim Wong formed PetKingdom, Inc., to sell pets and pet supplies. Pertinent informationregarding Pet Kingdom is summarized as follows: Pet Kingdoms business address is 1010 Northwest Parkway, Dallas,TX 75225; its telephone number is (214) 555-2211; and its e-mailaddress is The employer identification number is 11-1111111, and the principalbusiness activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is presidentand Kim is vice president of the company. No other class of stock isauthorized. Both Janet and Kim are full-time employees of Pet Kingdom. JanetsSocial Security number is 123-45-6789, and Kims Social Securitynumber is 987-65-4321. Pet Kingdom is an accrual method, calendar year taxpayer.Inventories are determined using FIFO and the lower of cost or marketme

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