Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2018 Prepare 2018 PARTNERSHIP Tax Return from the following information Dr Cr Sales 873,000 Cash 23,000 Accounts Receivable 85,000 Cost of sales 450,000 Investment in Stocks/Bonds 30,000 Salaries to X 50,000 185,000 Salaries to Y 50,000 Equpment Accumulated Depreciation 43,000 Other salaries 85,000 Accounts Payable 120,000 Charitable Contribution 1,000 Partners Capital 100,000 Rent 60,000 Sales 873,000 Utilities 18,000 Interest income 2,500 Penalties 1,000 Dividend 1,500 Advertising 24,000 Cost of sales 450,000 Depreciation-MACRS 43,000 Salaries to X 50,000 Contract Labor 35,000 Salaries to Y 50,000 817,000 Other salaries 85,000 Income 56,000 Charitable Contribution 1,000 Interest income 2,500 Rent 60,000 Dividend 1,500 Utilities 18,000 1,000 Net income per books 60,000 Penalties Advertising 24,000 Depreciation-MACRS 43,000 Contract Labor 35,000 1,140,000 1,140,000 Check Figures form Line # Amount 1065 8 423,000 10 100,000 20 77,000 21 365,000 22 58,000 SCH K 1 58,000 100,000 5 2,500 6a 1,500 13a 1,000 20a 4,000 sch L column a and b o 14 d 280,000 21 d 160,000