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Total Assets $5,000,000

Gross Receipts $1,000,000

Cost of Goods Sold $400,000 (assume no beginning and ending inventory and

purchases are $400,000)

ABC LLP. uses FIFO method for determining the cost of goods sold and the cash

method for all other income and expenses.

Guaranteed payment paid to Bee Jones, 40% partner, SSN-222-22-2222, was

$200,000.

Salaries and wages paid to employees was $50,000

Office Rent paid for home office was $10,000

Supplies expense totaled $40,000

The partnership manufacturers clothing.

Partner ownership (capital, profit and loss) is as follows:

Bee Jones

40%

John Smith

40%

Julie Smart

20%

All partners materially participate in the day-to-day partnership operations.