I need help filling out a Schedule K-1 using the below information.
On January 1, 2018, Patty Poppy contributed $150,000 to form Patty's Pizza Place, to sell pizza both in the restaurant, for delivery, and carryout. Pertinent information regarding Patty's Pizza Place is summarized as follows: 0 Patty's Pizza Place business address is 1010 Pepperoni Parkway, Charleston, SC 29406. t The employer identification number is 111111111, and the principal business activity code is 722110. 0 Patty owns 100% of the business; Patty is president and the tax matters representative. 0 Patty is a full-time employee of Patty's Pizza Place. Patty's Social Security number is 123456789. - Patty's Pizza Place is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Patty's Pizza Place uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. 0 During 2018, Patty's Pizza Place distributed $20,000 to Patty. 0 Patty Poppy does not have any otherjob or investments besides that in Patty's Pizza Place. 0 Patty does not have children or a spouse. She currently rents her home at 1000 Mozzarella Mount Charleston, SC 29406. 0 Patty Poppy received wages of $50,000 from Patty's Pizza Place. $10,000 federal income tax was withheld from her wages. 23 0 Pattyr has provided the following financial statements to assist in the preparation of the business' return: ASSETS Current Assets Cash Food Inventory Total Current Assets Fixed Assets Furniture and Equipment Accumulated Depreciation Total Fixed Assets other Assets Investments Total other Assets TOTAL ASSETS 70,620.00 35,000.00 105,620.00 200,000.00 40,000.00 160,000.00 100,000.00 100,000.00 365,620.00 LIABILITIES 8. EQUITY Liabilities Current Liabilities Accounts Payable Total Current Liabilities Long Term Liabilities Long Term Notes Payable Total Long Term Liabilities Total Liabilities Equy Capital Stock Retained Earnings Total Equity TOTAL LIABILITIES 8. EQUITY 30,000.00 30.000.00 175,000.00 175,000.00 205,000.00 150,000.00 10.620.00 160,620.00 365,620.00 Ordinary Income/Expense Income Food Sales 500,000.00 Total Income 500,000.00 Cost of Goods Sold Cost of Goods Sold 200,000.00 Total COGS 200,000.00 Gross Profit 300,000.00 Expense Advertising and Promotion 2,500.00 Charitable Contributions 1,000.00 Depreciation Expense 40,000.00 * Insurance Expense 1,500.00 Interest Expense 7,500.00 Office Supplies 1,200.00 Payroll Taxes 10,800.00 Payroll Taxes - Patty 4,630.00 Professional Fees 4,750.00 Rent Expense 20,000.00 Salaries - Patty Poppy 50,000.00 Salaries & Wages - Other 125,000.00 Supplies 3,000.00 Utilities 15,000.00 Total Expense 286,880.00Net Ordinary Income 13, 120.00 Other Income/Expense Other Income Dividend Income 10,000.00 Interest Income 5,000.00 Tax Exempt Interest Income 2.500.00 Total Other Income 17,500.00 Net Income 30,620.00 * Depreciation fer tax purposes is $50,000. Dividends received are from domestic
