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