Question
Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2016 Prepare 2016 CORPORATETax Return from the following information Use form 1120
Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2016
Prepare 2016 CORPORATETax Return from the following information
Use form 1120 from irs.gov
Fill out each paper in the form
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
Interest income 2,500
Dividend ( 5% owned) 1,500
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 43,000
Contract Labor 35,000
1,140,000 1,140,000
Taxable Income 55,950
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