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 2017 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 6767676 The 2017 financial statements for the partnership are presented below J S Barbers Income Statement for the Year Ending December 31, 2017 Gross income from operations $372,300 Deductions Salaries to employees 94,600 Payroll taxes 14,500 Supplies 9,000 Rent 41,000 Depreciation 5,100 Short term capital loss 2,000 Charitable contributions 500 Net income $205,600 Partners' withdrawals (each partner) $80,000 J S Barbers Balance Sheet as of December 31, 2017 Assets Cash $100,450 Accounts receivable 10,000 Equipment $32,000 Accum depreciation (5,100) 26,900 Total $137,750 Liabilities and Capital Accounts payable $29,750 Notes payable 22,000 Partners' capital ($20,000 contributed by each partner) 85,600 Total $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 Required Complete J S Barbers' Form 1065 and Emily and James' Schedule K 1 Do not fill in Schedule D for the capital loss, Form 4562 for depreciation, or Schedule B 1 related to ownership of the partnership Make realistic assumptions about any missing data

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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.

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 2017. 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 95-6767676. The 2017 financial statements for the partnership are presented below.

*J&S Barbers Income Statement for the Year Ending December 31, 2017*
Gross income from operations		$372,300
Deductions:
Salaries to employees		94,600
Payroll taxes		14,500
Supplies		9,000
Rent		41,000
Depreciation		5,100
Short-term capital loss		2,000
Charitable contributions		500
Net income		$205,600
Partners' withdrawals (each partner)		$80,000
*J&S Barbers Balance Sheet as of December 31, 2017*
Assets:
Cash		$100,450
Accounts receivable		10,000
Equipment	$32,000
Accum. depreciation	(5,100)	26,900
Total		$137,750
Liabilities and Capital:
Accounts payable		$29,750
Notes payable		22,000
Partners' capital ($20,000 contributed by each partner)		85,600
Total		$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.

Required:

Complete J&S Barbers' Form 1065 and Emily and James' Schedule K-1. Do not fill in Schedule D for the capital loss, Form 4562 for depreciation, or Schedule B-1 related to ownership of the partnership. Make realistic assumptions about any missing data.