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(1,000 Words, APA Format)Your client has been informed that

    (1,000 Words, APA Format)Your client has been informed that an S corporation is a popular business form and wants to know more about it. Please write a professional memo to your client responding to his inquiry. Be sure to at least discuss the following items:What is an S corporation? When is it advisable to be taxed as an S corporation? How does an organization become an S corporation? If The Car Wash is a corporation, can they be taxed as an S corporation? Why or why not? What criteria must be met? If The Car Wash is a LLC, can it be taxed as an S corporation? If so, what does it need to do to elect S corporation status? How would The Car Wash report and pay tax if it is an S corporation?Income Statement for The Car WashDecember 31, 20XXRevenue:Service revenue$254,603Expenses:Advertising2,520Depreciation31,250Insurance7,260Interest expense36,204Licenses and fees7,260Miscellaneous4,074Office expense8,911Salaries and wages67,460Payroll taxes9,444Employee benefits1,349Professional fees1,210Repairs and maintenance20,674Telephone900Travel1,500Utilities27,752Net income before taxes$26,835Balance Sheet for The Car WashJanuary 1, 20XXDecember 31, 20XXAssetsCash$28,638$64,979Buildings and other depreciable assets555,000555,000Accumulated depreciation(62,500)(93,750)Total assets521,138526,229Liabilities and equityLoans183,757167,962Mortgage233,229227,280Equity investment160,000160,000Retained earnings(55,848)(29,013)Total liabilities and equity$521,138$526,229

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