address is 8124 Annette Court Houston Texas 77031 9475 and her telephone number

Address is 8124 annette court houston texas 77031

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address is 8124 Annette Court Houston, Texas 77031-9475 and her telephone number is (832) 246-8015. Clara Norman has social securitynumber of 890-12-3456, her address is 2716 Nanette Drive Houston, Texas 77061-3459 and her telephone number is (832) 623-5097.FINANCIAL INFORMATIONDuring the year of 2019, the Lawson And Norman Enterprises reported the following Income and Expenses (including necessary accruals) forFinancial Accounting purposes:Gross Receipts$1,482,000Sales Returns And Allowances109,000Purchases510,000Dividends Received From Stock (Not Qualified Dividends)Investments In Less Than twenty percent (20%)Owned United States (U. S.) Corporation80,000Interest Income:Taxable Interest18,000Tax-Exempt Interest7,200Guaranteed Payments: Valerie Lawson75,000(Services)Clara Norman75,000Salaries - Employees108,000Repairs And Maintenance19,300Rent Expense - Office84,000Rent Expense - Equipment15,500Payroll Taxes (Federal And State)19,600Interest Expense (Trade Or Business Interest)25,200Advertising Expense33,500Charitable Contributions ("50%" Charities) 48,000Legal And Professional Fees18,000Depreciation Expense50,000 *Utilities Expense27,300Employee's Health Insurance Premiums14,200Meals For Clients5,000Partners' Life Insurance Premiums14,400 **-1-* - Based upon Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all assets (see specific assets below).** - Lawson And Norman Enterprises Is The Designated Beneficiary.On January 1, 2019, the partner's Capital Accounts equaled $157,200 each. No additional capital contributions were made during the year of2019 and each partner made a total of $140,000 (all cash) withdrawals throughout the course of the year of 2019.The Lawson And Norman Enterprises owns the following depreciable assets:ASSET DESCRIPTIONDATE ACQUIREDORIGINAL COSTAutomobile – 2018 Lexus 460April 1, 2018$ 50,000(Five-year Property)Automobile – 2018 Cadillac Seville April 1, 201850,000(Five-year Property)Furniture And Fixtures May 1, 2017150,000(Seven-year Property)Each automobile was used a total of 18,000 miles during the year of 2019 all which were business miles. The automobiles were not available forpersonal use during off-duty hours and were used solely by Valerie Lawson and Clara Norman, who both have another vehicle available forpersonal use. For Federal Income Tax purposes, all of these assets are depreciated using the Modified Accelerated Cost Recovery System(MACRS). Section 179 Deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used.BALANCE SHEETSThe Balance Sheets (Financial Accounting) for the Lawson And Norman Enterprises at the beginning and ending of the year of 2019 are asfollows:ASSETSJanuary 1December 31Cash$ 36,000$ 84,000Trade Notes And Accounts Receivable 96,000 90,000Inventory (Valued At Cost) *120,000100,000
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Marketable Securities - Long Term 140,000 250,000 Depreciable Assets (And Land) 260,000 ** 260,000 ** Less: Accumulated Depreciation (65,000) (115,000) Other Assets (Deposits) 12,000 12,000 ------------ ------------ TOTAL ASSETS $ 599,000 $ 681,000 ======= ======= LIABILITIES AND PARTNERS' CAPITAL Accounts Payable (Non Recourse) $ 96,000 $ 116,200 Notes Payable - Short Term (Recourse) 24,600 24,000 Notes Payable - Long Term (Recourse) 164,000 212,000 Partner's Capital (Total) 314,400 328,800 TOTAL LIABILITIES AND ------------ ------------ PARTNERS' CAPITAL $ 599,000 $ 681,000 ======= ======= * - The rules of Section 263A of the Internal Revenue Code do not apply to the partnership.
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