Question
Fill out a 2013 1065 and the appropriate K-1's for the following.I need Full Tax returns including schedules and K-1's. I will not pay unless
Fill out a 2013 1065 and the appropriate K-1's for the following.I need Full Tax returns including schedules and K-1's. I will not pay unless all documents are included
Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Rowdy Fun is an outdoor equipment retailer focused on selling outdoor activities gear. Thomas has a 33.33% profits and capital interest and the limited partners hold the remaining 66.66% of the profits and capital interests. Their profits and capital interests have remained unchanged since the partnership was formed. Thomas is actively involved in managing the business while the limited partners are simply investors.
Rowdy Fun is located at 8955 Golden Drive, Sunnydale, AZ 34592.
The employer identification number for Rowdy Fun is 47-8593563.
Rowdy Fun uses the accrual method of accounting and has a calendar year end.
Thomas' address is 853 Crystal Drive, Sunnydale, AZ 34592.
Additional Information
Rowdy Fun has total assets of $1,900,000 and total liabilities of $550,000 at the beginning of the year and total assets of $2,300,000 and total liabilities of $725,000 at the end of the year.
Partnership liabilities consist of accounts payable, and Thomas, as general partner, is legally responsible for paying these liabilities if the partnership does not.
Five years ago, Rowdy Fun purchased an original outdoor statue with the intent for display in the store. In 2013, the statue was sold. The $15,000 recognized gain from the sale is reflected in the income statement.
For tax purposes, Rowdy Fun has consistently elected under Section 179 to expense any furniture or fixtures purchased every year since it was formed. There is no tax basis in any of its depreciable assets. This year, Rowdy Fun expensed $23,000 of signs and display cases for tax purposes.
On November 20th, Rowdy Fun distributed $90,000 ($30,000 per partner) to the partners.
Miscellaneous expenses include a $1200 fine for violating a local ordinance.
Rowdy Fun maintains its books using generally accepted accounting principles.
Financial Statements
Rowdy Fun
Income Statement
For year ended December 31, 2013
Income
Sales
975,000
Sales returns and allowances
(25,000)
Cost of goods sold
(300,000)
Gross profit from operations
650,000
Other Income
Interest from Money Market
3,500
Gain for sale of statue
15,000
Gross income
668,500
Expenses
Employee wages
(125,000)
Interest on accounts payable
(2,000)
Payroll and property taxes
(45,000)
Supplies
(26,000)
Rent on retail building
(20,000)
Depreciation on furniture and fixtures
(15,400)
Advertising
(4,000)
Guaranteed payments to Thomas Kyle
(40,000)
Utilities
(16,000)
Accounting and legal services
(5,000)
Meals and entertainment
(500)
Charitable Contributions
(375)
Miscellaneous expense
(425)
Total expenses
(299,700)
Net Income for Books
368,800
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