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muckers Technology Income Statement Sales $1,100,000 Cost of sales (400,000) Gross profit 700,000 Operating expenses: Salaries and wages (excluding partners) 170,000 Guaranteed payments to partners

muckers Technology Income Statement

Sales

$1,100,000

Cost of sales

(400,000)

Gross profit

700,000

Operating expenses:

Salaries and wages (excluding partners)

170,000

Guaranteed payments to partners

120,000

Depreciation of machinery and equipment

140,000

Partners' health insurance premiums

15,000

Contributions to pension plans (excluding partners)

10,000

Contributions to Keogh pension plan

7,000

Charitable contributions

20,000

482,000

Operating (ordinary) income

218,000

Other income (loss):

Interest

3,000

Rental income (net)

(2,000)

Total

1,000

Total net income

$219,000

Using the data provided in the above, enter the appropriate values in the table below as they would appear on page 1 of a partnership tax return.
Partnership Tax Return Information
1 Gross receipts or sales
2 Interest income
3 Cost of goods sold
4 Gross profit
5 Salaries and wages (other than partners)
6 Guaranteed payments
7 Depreciation
8 Retirement plans
9 Charitable contributions
10 Ordinary business income (loss)

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