Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with Emily's and James' Sch. K-1 box 20 Z*, Z** & Z*** Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security

Need help with Emily's and James' Sch. K-1 box 20 Z*, Z** & Z***
image text in transcribed
image text in transcribed
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first year of operation is 2019. Emily and James divide income and expenses equally. The partnership name is J&S Barbers, it is located at 1023 Broadway, New York, NY 10004, and its Federal ID number is 95-6767676. The 2019 financial statements for fill in Schedule D for the capital loss, Form 4562 for depreciation, or Schedule B-1 related to ENSIVE PROBLEM the partnership are presented below. J&S Barbers Income Statement for the Year Ending December 31, 2019 $372.300 Gross income from operations Deductions: 94,600 Salaries to employees 14,500 Payroll taxes 9,000 Supplies 41,000 Rent Depreciation 5,100 Short-term capital loss 2.000 Charitable contributions 500 Net income $205,600 Partners withdrawals (each partner) 80,000 J&S Barbers Balance Sheet as of December 31, 2019 Assets: Cash $100,450 Accounts receivable 10,000 Equipment $32,000 Accum depreciation (5.100) 26,900 Liabilities and Capital: $137,350 Accounts payable Notes payable $ 29,750 Partners' capital ($20,000 22.000 contributed by each partner) 85,600 $137,350 Emily lives at 456 E. 70th Street, New York, NY 10006, and James lives at 436 E63ed Street, New York, NY 10012. Required: Complete J&S Barbers Form 1065 and Emily and James' Schedule K-is. Done ownership of the partnership. Make realistic assumptions about any missing data. Schedule K-1 1x % % 12 Section 179 deduction 20 Other information Z* 0 25 13 Other deductions Charitable contributions Z** 0 X Z*** 0 x A 250 14 Self-employment earnings (loss) A 104,050 V ver

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Government And Not For Profit Accounting

Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch

5th Edition

0130464147, 978-0130464149

More Books

Students also viewed these Accounting questions

Question

=+a) Find a linear model for this series.

Answered: 1 week ago

Question

Round your answer to the nearest cent. $

Answered: 1 week ago