Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Terance Wilson and Marcus Scott started a law practice June 1, 2023. This is a 60% 1066 Partnership Wilson & Scott LP EIN: 32-1236647

image text in transcribed

Terance Wilson and Marcus Scott started a law practice June 1, 2023. This is a 60% 1066 Partnership Wilson & Scott LP EIN: 32-1236647 Address: 800 Law Court Odessa, TX 79762 Hint: Bonus Depreciation is different in 2023. Make sure four expenses are in the correct category. Don't forget to make the depreciation expense. Unadjusted TB Cash 72.000.00 Accounts Receivable 36,000.00 Notes Receivable 14.000.00 Fumiture and Equipment 48.360.00 Accumulated Depreciation Other Assets 43.000.00 Total Assets 213,360.00 Accounts Payable 6.000.00 Notes Payable 17.000.00 Capital Contributions 60.000.00 Net Income 131,360.00 213.360.00 Law Consulting Income (206,000.00) Secretary Wages 66.000.00 Employment Taxes 7.000.00 Supplies 1.000.00 Bank Fees 260.00 Rent 6.000.00 Repairs and Maintenance 3.200.00 Tax Prep Fees 1.200.00 Interest Expense 990.00 (131,360.00)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

978-1259206955, 1259206955, 77862368, 978-0077862367

More Books

Students also viewed these Accounting questions