Question
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) | |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started