Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2018 Prepare 2018 CORPORATE Tax Return from the following information Dr 6 Cash 23,000 7 Accounts Receivable 85,000 8 Investment in Stocks/Bonds 30,000 9 Equpment 185,000 10 Accumulated Depreciation 43,000 11 Accounts Payable 120,000 12 Common Stock 100,000 13 Sales 873,000 14 Interest income 2,500 15 Dividend ( 5% owned) 1.500 16 Cost of sales 450,000 17 Salaries to X 50,000 18 Salaries to Y 50,000 19 Other salaries 85,000 20 Charitable Contribution 1,000 21 Rent 60,000 22 Utilities 18,000 23 Penalties 24 Advertising 24,000 1.000 Partnership Cheet H -5 Depreciation-MACRS 26 Contract Labor 43,000 35,000 1,140,000 1,140,000 Taxable income 60,250 32 Check Figures line 34 form 35 1120 Amount 427000 53,000 750 60,250 41 Schedule 12,653 1,500 65 750 750 46 Schedule 15(d) 25(d) 280,000 50,012 47,347 48 Schedule M-1 Partnership Sheet 3 E H 5 Penalty 12,653 1,000 61,000 61,000 47,347 47,347 3 Schedule M-2 CONE Partnership Sheet Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2018 Prepare 2018 CORPORATE Tax Return from the following information Dr 6 Cash 23,000 7 Accounts Receivable 85,000 8 Investment in Stocks/Bonds 30,000 9 Equpment 185,000 10 Accumulated Depreciation 43,000 11 Accounts Payable 120,000 12 Common Stock 100,000 13 Sales 873,000 14 Interest income 2,500 15 Dividend ( 5% owned) 1.500 16 Cost of sales 450,000 17 Salaries to X 50,000 18 Salaries to Y 50,000 19 Other salaries 85,000 20 Charitable Contribution 1,000 21 Rent 60,000 22 Utilities 18,000 23 Penalties 24 Advertising 24,000 1.000 Partnership Cheet H -5 Depreciation-MACRS 26 Contract Labor 43,000 35,000 1,140,000 1,140,000 Taxable income 60,250 32 Check Figures line 34 form 35 1120 Amount 427000 53,000 750 60,250 41 Schedule 12,653 1,500 65 750 750 46 Schedule 15(d) 25(d) 280,000 50,012 47,347 48 Schedule M-1 Partnership Sheet 3 E H 5 Penalty 12,653 1,000 61,000 61,000 47,347 47,347 3 Schedule M-2 CONE Partnership Sheet