form 1065, 2 schedule K-1s, 1125-A, Schedule B, and statements

complete form 1065, both schedule K-1s, 1125-A, schedule B-1 and statements

Phil Williams and Liz Johnson are 60% and 40% active partners, respectively, in Williams & Johnson General Partnership. Williams & Johnson sells remote control cars. Williams & Johnson General Partnership 1234 One Way Road Formed 1/1/2010 Charleston, SC 29444 Accrual Basis 57-5555555 Phil Williams 6890 Two Way Street Charleston, SC 29444 555-55-5555 Tax representative partner Liz Johnson 1112 Three Way Court Charleston, SC 29444 666-66-6666 $ 335,000 80,000 73,000 182,000 47,000 Income Statement Revenues: Sales Revenue Sales Returns and Allowances Cost of Goods Sold Gross Profit Expenses Salaries and wages Guaranteed payments: Williams Johnson Depreciation Interest expense Taxes and licenses Rent Automobile Meals Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Supplies Expense Total Expenses Other Income Interest income Dividend income (ordinary & qualified) Total Other Income Net Income 50,000 20,000 40,000 5,200 5,000 10,000 2,500 2,000 1,000 500 1,300 2,000 500 187,000 6,000 10,000 16,000 11,000 31-Dec Balance Sheet 1-Jan Assets: Cash $ 20,800 Accounts Receivable 9,000 Inventory 68,000 Supplies 1,500 Tax Exempt Bonds 40,000 Investments 25,200 Building and Equipment 464,000 Less: Accumulated Depreciation (95,000) Total Assets $ 533,500 $ 25,000 8,000 75,000 1,300 40,000 25,200 500,000 (135,000) $ 539,500 $ $ 20,000 100,000 15,000 140,000 Liabilities & Owners' Capital: Accounts Payable Nonrecourse liabilities (long-term) Capital Williams Johnson Total Liabilities and Capital 248,100 165,400 $ 533,500 230,700 153,800 539,500 $ Notes: 1) Inventory-related purchases during the year were $80,000. The inventory is based on the cost method. Assume the rules of $263A do not apply. 2) MACRS depreciation for 2020 is $50,000. 3) Interest income consists of $2,000 interest income of money market account, $3,000 interest on US Treasury bond, and $1,000 interst on City of Charleston bond. 4) Distributions of $40,000 were made. $24,000 to Williams and $16,000 to Johnson. Phil Williams and Liz Johnson are 60% and 40% active partners, respectively, in Williams & Johnson General Partnership. Williams & Johnson sells remote control cars. Williams & Johnson General Partnership 1234 One Way Road Formed 1/1/2010 Charleston, SC 29444 Accrual Basis 57-5555555 Phil Williams 6890 Two Way Street Charleston, SC 29444 555-55-5555 Tax representative partner Liz Johnson 1112 Three Way Court Charleston, SC 29444 666-66-6666 $ 335,000 80,000 73,000 182,000 47,000 Income Statement Revenues: Sales Revenue Sales Returns and Allowances Cost of Goods Sold Gross Profit Expenses Salaries and wages Guaranteed payments: Williams Johnson Depreciation Interest expense Taxes and licenses Rent Automobile Meals Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Supplies Expense Total Expenses Other Income Interest income Dividend income (ordinary & qualified) Total Other Income Net Income 50,000 20,000 40,000 5,200 5,000 10,000 2,500 2,000 1,000 500 1,300 2,000 500 187,000 6,000 10,000 16,000 11,000 31-Dec Balance Sheet 1-Jan Assets: Cash $ 20,800 Accounts Receivable 9,000 Inventory 68,000 Supplies 1,500 Tax Exempt Bonds 40,000 Investments 25,200 Building and Equipment 464,000 Less: Accumulated Depreciation (95,000) Total Assets $ 533,500 $ 25,000 8,000 75,000 1,300 40,000 25,200 500,000 (135,000) $ 539,500 $ $ 20,000 100,000 15,000 140,000 Liabilities & Owners' Capital: Accounts Payable Nonrecourse liabilities (long-term) Capital Williams Johnson Total Liabilities and Capital 248,100 165,400 $ 533,500 230,700 153,800 539,500 $ Notes: 1) Inventory-related purchases during the year were $80,000. The inventory is based on the cost method. Assume the rules of $263A do not apply. 2) MACRS depreciation for 2020 is $50,000. 3) Interest income consists of $2,000 interest income of money market account, $3,000 interest on US Treasury bond, and $1,000 interst on City of Charleston bond. 4) Distributions of $40,000 were made. $24,000 to Williams and $16,000 to Johnson