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  1. business
  2. accounting
  3. mr. x and y each invested $50,000 to start a plumb

Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2017 Prepare...

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Accounting

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Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2017 Prepare 2017 tax return-1120- S from the following information Cr Cash Accounts Receivable Investment in Stocks/Bonds Equpment Accumulated Depreciation Accounts Payable Shareholders Capital Sales Interest income Dividend Cost of sales Salaries to X Salaries to Y Other salaries Charitable Contribution Rent Utilities Penalties Advertising Depreciation-MACRS Contract Labor 23,000 85,000 30,000 185,000 43,000 120,000 100,000 873,000 2,500 1,500 450,000 50,000 50,000 85,000 1,000 60,000 18,000 1,000 24,000 43,000 35,000 1,140,000 1,140,000

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