tax return

Project Description:

emily jackson (social security number 765-12-4326) and james stewart (social security
number 466-74-9932) are partners in a partnership that owns and operates a barber shop.
the partnership’s first year of operation is 2013. emily and james divide income and
expenses equally. the partnership name is j&s barbers, it is located at 1023 broadway,
new york, ny 10004, and its federal id number is 95-676767. the 2013 financial state-
ments for the partnership are presented below.
j&s barbers income statement
for the year ending december 31, 2013
gross income from operations $371,600
deductions:
salaries to employees 94,000
payroll taxes 10,000
supplies 9,000
rent 45,000
depreciation 5,100
short-term capital loss 2,000
charitable contributions 500
net income $206,000
partners’ withdrawals (each partner) $ 80,000
j&s barbers balance sheet
as of december 31, 2013
assets:
cash $100,850
accounts receivable 10,000
equipment $32,000
accum. depreciation (5,100) 26,900
$137,750
liabilities and capital:
accounts payable $ 29,750
notes payable 22,000
partners’ capital ($20,000
contributed by each partner) 86,000
$137,750
emily lives at 456 e. 70th street, new york, ny 10006, and james lives at 436 e.
63rd street, new york, ny 10012.
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Price Type: Negotiable

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