Jane Rizzoli (SSN 123-45-9876) and Maura Isles (SSN 456-78-9874) formed a general partnership on February 2, 2019 named “Spindle top Investigations Partnership”. They are each 50% owners of the partnership. The partnership is located at 5000 Water Street Milwaukee, WI 53201. EIN: 39-1513698. Business Code 561600. They use the accrual basis of accounting. Based on the financial statements below, prepare Form 1065, page 1, and Schedules K, L, M-1, M-2 and Schedule K-1.Jane Rizzoli (SSN 123-45-9876) and Maura Isles (SSN 456-78-9874) formed a general partnership on February 2, 2019 named “Spindle top Investigations Partnership”. They are each 50% owners of the partnership. The partnership is located at 5000 Water Street Milwaukee, WI 53201. EIN: 39-1513698. Business Code 561600. They use the accrual basis of accounting. Based on the financial statements below, prepare Form 1065, page 1, and Schedules K, L, M-1, M-2 and Schedule K-1.

  

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RIZZOLI AND ISLES PARTNERSHIP INCOME STATEMENT YEAR ENDING DECEMBER 31, 2019 Gross Income from Operations Deductions Employee Wage Expense Rent Expense Payroll Tax Expense Depreciation Expense 10,000 Partner Health Insurance Premiums 24,000 Total Deductions 243,000 Net Income 157,000 **In addition to these expenses, the partners each withdrew $30,000 of cash. Current Assets Cash RIZZOLI AND ISLES PARTNERSHIP BALANCE SHEET AS OF DECEMBER 31, 2019 Accounts Receivable Total Current Assets Total Assets Property, Plant, and Equipment Computer Equipment ASSETS Less Accumulated Depreciation Total Property, Plant and Equipment LIABILITIES & PARTNER'S CAPITAL Current Liabilities Accounts Payable Long-Term Liabilities 170,000 18,000 21,000 Mortgage Payable Total Liabilities 277,000 15,000 50,000 10,000 20,000 125,000 400,000 Capital Partners' capital (45,000 per partner BEG BAL) Total Liabilities and Capital 292,000 40,000 332,000 145,000 187,000 332,000 RIZZOLI AND ISLES PARTNERSHIP INCOME STATEMENT YEAR ENDING DECEMBER 31, 2019 Gross Income from Operations Deductions Employee Wage Expense Rent Expense Payroll Tax Expense Depreciation Expense 10,000 Partner Health Insurance Premiums 24,000 Total Deductions 243,000 Net Income 157,000 **In addition to these expenses, the partners each withdrew $30,000 of cash. Current Assets Cash RIZZOLI AND ISLES PARTNERSHIP BALANCE SHEET AS OF DECEMBER 31, 2019 Accounts Receivable Total Current Assets Total Assets Property, Plant, and Equipment Computer Equipment ASSETS Less Accumulated Depreciation Total Property, Plant and Equipment LIABILITIES & PARTNER'S CAPITAL Current Liabilities Accounts Payable Long-Term Liabilities 170,000 18,000 21,000 Mortgage Payable Total Liabilities 277,000 15,000 50,000 10,000 20,000 125,000 400,000 Capital Partners' capital (45,000 per partner BEG BAL) Total Liabilities and Capital 292,000 40,000 332,000 145,000 187,000 332,000

Answer rating: 100% (QA)

Form 1065 Page 1 Part I Information About the Partnership Line 1a Spindle Top Investigations Partnership Line 1b 5000 Water Street Milwaukee WI 53201 ... View the full answer