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. Kristie is a 35% partner in the KKM Partnership. During the current year, KKM reported the following: gross sales 480,000 Office expenses 30,000 long
. Kristie is a 35% partner in the KKM Partnership. During the current year, KKM reported the following: gross sales 480,000 Office expenses 30,000 long term capital gain 18,000 Guaranteed payments to each partner 35,000 Interest Income 15,000 Distribution to partner Kristie 20,000 charitable contribution 14,000 Payment of Partner Megan Tax bills 12,000 Wages to employees 45,000 Sales Returns and Allowance 5,000 Required:
a. Prepare F-1065 (page 1) b. Prepare the Schedule K. c. Prepare the Schedule K-1 for Kristie
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