this income tax return form 1065

Mr. X and Y each invested $100,000
to start a plumbing business on 01/01/2014.

Prepare 2014 Partnership Tax Return
from the following information

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

Dividend
Income

1,500

Short Term
Capital Gain

2,000

Tax
Exempt Interest Income

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

18,000

Depreciation-Section
179

25,000

Contract
Labor

35,000

1,140,000

1,140,000

CHECK
FIGURES

ORDINARY INCOME

83,000

NET INCOME PER BOOKS

60,000

TOTAL ASSETS

280,000

0

 

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