Question
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 consulting service.
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 consulting service. The partnerships first year of operation is 2016. Emily and James divide income and expenses equally. The partnership name is J&S Consulting, it is located at 1023 Broadway, Los Angeles, CA 90026, and its Federal ID number is 95-6767676. The 2017 financial statements for the partnership are presented below.
Each partner contributed $20,000 to start the partnership. Each partner also withdrew $86,000 during the year. Emily lives at 456 E. 70th Street, Los Angeles, CA 90020, and James lives at 436 E. Highland Avenue, Los Angeles, CA 90022.
I need help filling out the California Form 565 return please!
J&S Consulting Income Statement for the Year Ending December 31, 2017 Gross income from operations Deductions: Salaries to emplovees Pavroll taxes Supplies Rent Expense Depreciation Short-term capital loss Charitable contributions Total Expenses Net income 371,600 94,000 10,000 9,000 45,000 5,100 2,000 500 165,600 206,000 J&S Consulting Balance Sheet as of December 31,2017 Assets: Cash Accounts Receivable Equipment Accumulated depreciation 100,850 10,000 32,000 (5.100 26,900 137.750 Liabilities and Capital Accounts pavable Notes pavable Partners' capital 29,750 22,000 86.000 137,750 J&S Consulting Income Statement for the Year Ending December 31, 2017 Gross income from operations Deductions: Salaries to emplovees Pavroll taxes Supplies Rent Expense Depreciation Short-term capital loss Charitable contributions Total Expenses Net income 371,600 94,000 10,000 9,000 45,000 5,100 2,000 500 165,600 206,000 J&S Consulting Balance Sheet as of December 31,2017 Assets: Cash Accounts Receivable Equipment Accumulated depreciation 100,850 10,000 32,000 (5.100 26,900 137.750 Liabilities and Capital Accounts pavable Notes pavable Partners' capital 29,750 22,000 86.000 137,750Step by Step Solution
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