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Prepare the tax return for 2019 using the appropriate forms and schedules TSU, Inc. is a corporation that was formed on April 1, 2020. Its
Prepare the tax return for 2019 using the appropriate forms and schedules
TSU, Inc. is a corporation that was formed on April 1, 2020. Its address is 3201 Wheeler, Houston, TX 77004, and its Employer Identification Number is 31-2345678. Balance Sheet - TSU, Inc. (December 31, 2020) Assets: Cash Inventory Equipment Display shelving Office furniture Computers Accumulated depreciation) Organization costs Start-up costs Total Assets $122,526.29 9,100.00 23,600.00 8,950.00 3,675.00 3,890.00 (4,959.00) 4,500.00 1,660,00 $1,72,942.29 Liabilities: Withholding payable Sales tax payable Loan payable Total liabilities $ 1,393.47 1,234.64 20,459.27 $ 23,087.38 Equity: Common stock Current earnings Distributions Total equity $100,000.00 59,854.91 (10,000.00) $149,854.91 Total liabilities plus equity $172,942.29 TSU, Inc. is a corporation that was formed on April 1, 2020. Its address is 3201 Wheeler, Houston, TX 77004, and its Employer Identification Number is 31-2345678. Balance Sheet - TSU, Inc. (December 31, 2020) Assets: Cash Inventory Equipment Display shelving Office furniture Computers Accumulated depreciation) Organization costs Start-up costs Total Assets $122,526.29 9,100.00 23,600.00 8,950.00 3,675.00 3,890.00 (4,959.00) 4,500.00 1,660,00 $1,72,942.29 Liabilities: Withholding payable Sales tax payable Loan payable Total liabilities $ 1,393.47 1,234.64 20,459.27 $ 23,087.38 Equity: Common stock Current earnings Distributions Total equity $100,000.00 59,854.91 (10,000.00) $149,854.91 Total liabilities plus equity $172,942.29 Step by Step Solution
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