Jane Rizzoli (SSN 123-45-9876) and Maura Isles (SSN 456-78-9874) formed a general partnership on February 2, 2019 named Spindletop Investigations Partnership. They are each 50% owners of the partnership. The partnership is located at 5000 Water Street Milwaukee, WI 53201. EIN: 39-1513698. Business Code 561600. They use the accrual basis of accounting. Based on the financial statements below, prepare Form 1065, page 1, and Schedules K, L, M-1, M-2 and Schedule K-1.Jane Rizzoli (SSN 123-45-9876) and Maura Isles (SSN 456-78-9874) formed a general partnership on February 2, 2019 named Spindletop Investigations Partnership. They are each 50% owners of the partnership. The partnership is located at 5000 Water Street Milwaukee, WI 53201. EIN: 39-1513698. Business Code 561600. They use the accrual basis of accounting. Based on the financial statements below, prepare Form 1065, page 1, and Schedules K, L, M-1, M-2 and Schedule K-1.

RIZZOU AND ISLES PARTNERSHIP NCOME STATEMENT YEAR ENDING DECEMBER 31, 2019 400,000 Gross income from Operations Deductions Employee Wage Expense Rent Expense Payrol Tax Expense Depreciation Expense Partner Health Insurance Premiums Total Deductions 170,000 18.000 21,000 10,000 24,000 243,000 Net Income 157,000 haddition to these expenses, the partners each withdrew $30,000 of cash RIZZOU AND ISLES PARTNERSHP BALANCE SHEET AS OF DECEMBER 31, 2019 ASSETS Current Assets Cash Accounts Receivable Total Current Assets 277,000 15,000 292000 Property, Plant, and Equipment Computer Equipment Less Accumulated Depreciation Total Property, Plant and Equipment 50,000 10,000 40.000 Total Assets 332000 LABILMES & PARTNER'S CAPITAL Current Liabilities Accounts Payable 20,000 Long-Term Liabilities Mortgage Payable 125,000 Total Liabilities Capital Partners' capital (45,000 per partner BEG BAL) 145,000 187,000 Total Liabilities and Capital 332 000 RIZZOU AND ISLES PARTNERSHIP NCOME STATEMENT YEAR ENDING DECEMBER 31, 2019 400,000 Gross income from Operations Deductions Employee Wage Expense Rent Expense Payrol Tax Expense Depreciation Expense Partner Health Insurance Premiums Total Deductions 170,000 18.000 21,000 10,000 24,000 243,000 Net Income 157,000 haddition to these expenses, the partners each withdrew $30,000 of cash RIZZOU AND ISLES PARTNERSHP BALANCE SHEET AS OF DECEMBER 31, 2019 ASSETS Current Assets Cash Accounts Receivable Total Current Assets 277,000 15,000 292000 Property, Plant, and Equipment Computer Equipment Less Accumulated Depreciation Total Property, Plant and Equipment 50,000 10,000 40.000 Total Assets 332000 LABILMES & PARTNER'S CAPITAL Current Liabilities Accounts Payable 20,000 Long-Term Liabilities Mortgage Payable 125,000 Total Liabilities Capital Partners' capital (45,000 per partner BEG BAL) 145,000 187,000 Total Liabilities and Capital 332 000