ACCOUNTING-Prepare 2014 Partnership Tax Return from the following information
QUESTION
Mr. X and Y each invested $100,000
to start a plumbing business on 01/01/2014.
Prepare 2014 Partnership Tax Return
from the following information
Dr
Cr
Cash
23,000
Accounts
Receivable
85,000
Investment
in Stocks/Bonds
30,000
Equpment
185,000
Accumulated
Depreciation
43,000
Accounts
Payable
120,000
Partners
Capital
100,000
Sales
873,000
Dividend
Income
1,500
Short Term
Capital Gain
2,000
Tax
Exempt Interest Income
500
Cost of
sales
450,000
Salaries to
X
50,000
Salaries to
Y
50,000
Other
salaries
85,000
Charitable
Contribution
1,000
Rent
60,000
Utilities
18,000
Penalties
1,000
Advertising
24,000
Depreciation-MACRS
18,000
Depreciation-Section
179
25,000
Contract
Labor
35,000
1,140,000
1,140,000
CHECK
FIGURES
ORDINARY INCOME
83,000
NET INCOME PER BOOKS
60,000
TOTAL ASSETS
280,000
0
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