Mr. X and Y each invested $100,000 to start a plumbing business

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 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 Total 1,140,000 1,140,000

ANSWER:

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