Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Note: This problem is for the 2 0 2 1 tax year. Ryan Ross ( 1 1 1 - 1 1 - 1 1 1
Note: This problem is for the tax year. Ryan Ross Oscar Omega Clark Carey and Kim Kardigan are equal activ members in ROCK the Ages LLC ROCK serves as agent and manager for prominent musicians in the Los Angeles area. The LLCs Fedel number is It uses the cash basis and the calendar year and began operations on January Its current address is Wilshire Boulevard, Suite Los Angeles, CA ROCK was the force behind such music icons as Adrianna Venti, Drake Malone, Elena Gomez, Tyler Quick, Queen Bey, and Bruno Mercury and has had a very profitable year. The following information was taken fron LLCs income statement for the current year. Revenues Fees and commissions Taxable interest income from bank deposits Taxexempt interest Net gain on stock sales Total revenues Expenses Advertising and public relations Charitable contributions expense Employee salaries and wages Guaranteed payment services Ryan Ross, office manager Guaranteed payment services other members Business meals, subject to disallowance Business restaurant meals and travel deductible Legal and accounting fees Office rentals paid Interest expense on operating line of credit Insurance premiums Office expense Payroll taxes Utilities table$
Note: This problem is for the tax year.
Ryan Ross Oscar Omega Clark Carey and Kim Kardigan are equal activ members in ROCK the Ages LLC ROCK serves as agent and manager for prominent musicians in the Los Angeles area. The LLCs Fedel number is It uses the cash basis and the calendar year and began operations on January Its current address is Wilshire Boulevard, Suite Los Angeles, CA ROCK was the force behind such music icons as Adrianna Venti, Drake Malone, Elena Gomez, Tyler Quick, Queen Bey, and Bruno Mercury and has had a very profitable year. The following information was taken fron LLCs income statement for the current year.
Revenues
Fees and commissions
Taxable interest income from bank deposits
Taxexempt interest
Net gain on stock sales
Total revenues
Expenses
Advertising and public relations
Charitable contributions
expense
Employee salaries and wages
Guaranteed payment services Ryan Ross, office manager
Guaranteed payment services other members
Business meals, subject to disallowance
Business restaurant meals and travel deductible
Legal and accounting fees
Office rentals paid
Interest expense on operating line of credit
Insurance premiums
Office expense
Payroll taxes
Utilities
table$
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