Question
Lloyd and Harry, equal partners, form the Ant World Partnership. During the year, Ant World had the following revenue, expenses, gains, losses, and distributions: Cost
Lloyd and Harry, equal partners, form the Ant World Partnership. During the year, Ant World had the following revenue, expenses, gains, losses, and distributions:
| Cost of Goods Sold | $ | 85,000 |
| Cash Distribution to Harry | $ | 15,000 |
| Municipal Bond Interest | $ | 1,500 |
| Short-Term Capital Gains | $ | 4,500 |
| Employee Wages | $ | 40,000 |
| Rent | $ | 10,000 |
| Charitable Contributions | $ | 25,000 |
| Sales | $ | 175,000 |
| Repairs and Maintenance | $ | 5,000 |
| Long-Term Capital Gains | $ | 12,000 |
| Fines and Penalties | $ | 5,000 |
| Guaranteed Payment to Lloyd | $ | 25,000 |
|
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Given these items, what amount of ordinary business income (loss) and what separately-stated items should be allocated to each partner for the year? Enter negative numbers with a minus sign, for example -1000.
Ordinary business income (loss) allocated to Lloyd
Ordinary business income (loss) allocated to Harry
TOTAL separately stated items allocated to Lloyd
TOTAL separately stated items allocated to Harry
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Financial Accounting Second Custom Edition For The University Of Central Florida
Authors: Walter T. Jr, Horngren Harrison
2nd Custom Edition
0536986002, 978-0536986009
