Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepare page 1 of Form 1065 (2020 tax year) in good form please!! Also, can you show some steps? Additional Information a. The partnership reports

image text in transcribedimage text in transcribed

prepare page 1 of Form 1065 (2020 tax year) in good form please!!

Also, can you show some steps?

Additional Information a. The partnership reports a $10,000 positive AMT adjustment for property placed in service after 1986. b. The partnership made all contributions in cash to qualifying charities. C. The partnership purchased the AB stock as an investment two years ago on December 1, 2018, for $40,000 and sold it on June 14, 2020 for $58,000. d. The partnership purchased the CD stock as an investment on February 15, 2020 for $100,000 and sold it on August 1, 2020 for $73,925. e. The partnership used the land as a parking lot for the business. The partnership purchased the land four years ago on March 17, 2016, for $30,000 and sold it on August 15, 2020 for $35,050. The following information is available from the general ledger of the Danson- Knowles Partnership for 2020. Sales Returns and allowances $2,357,000 (20,000) $2,337,000 Beginning inventory (FIFO method) Purchases Labor (W-2 wages) Other costs Goods available for sale Ending inventory Gross profit $ 200,050 624,000 600,000 54,000 $1,478,050 (146,000) (1,332,050) $ 1,004,950 Salaries for employees other than partners (W-2 wages) Guaranteed payment to Dapper for services Utilities expense Depreciation (MACRS depreciation is $74,311)a Automobile expense Office supplies expense Advertising expense Bad debt expense Interest expense (all business-related) Rent expense Travel expense (meals cost $4,050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions Payroll taxes Other taxes (all trade- or business-related) Total expenses Operating profit Other income and losses: Gain on sale of AB stock Loss on sale of CD stockd Sec. 1231 gain on sale of lande Interest on U.S. Treasury bills for entire year ($80,000 face amount) Dividends from 15%-owned domestic corporation Net income $51,000 85,000 46,428 49,782 12,085 4,420 85,000 2,100 45,000 7,400 11,020 68,300 3,600 16,400 5,180 1,400 494,115 $ 510,835 $ 18,000 (26,075) 5,050 2,000 11,000 9,975 $ 520,810 Additional Information a. The partnership reports a $10,000 positive AMT adjustment for property placed in service after 1986. b. The partnership made all contributions in cash to qualifying charities. C. The partnership purchased the AB stock as an investment two years ago on December 1, 2018, for $40,000 and sold it on June 14, 2020 for $58,000. d. The partnership purchased the CD stock as an investment on February 15, 2020 for $100,000 and sold it on August 1, 2020 for $73,925. e. The partnership used the land as a parking lot for the business. The partnership purchased the land four years ago on March 17, 2016, for $30,000 and sold it on August 15, 2020 for $35,050. The following information is available from the general ledger of the Danson- Knowles Partnership for 2020. Sales Returns and allowances $2,357,000 (20,000) $2,337,000 Beginning inventory (FIFO method) Purchases Labor (W-2 wages) Other costs Goods available for sale Ending inventory Gross profit $ 200,050 624,000 600,000 54,000 $1,478,050 (146,000) (1,332,050) $ 1,004,950 Salaries for employees other than partners (W-2 wages) Guaranteed payment to Dapper for services Utilities expense Depreciation (MACRS depreciation is $74,311)a Automobile expense Office supplies expense Advertising expense Bad debt expense Interest expense (all business-related) Rent expense Travel expense (meals cost $4,050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions Payroll taxes Other taxes (all trade- or business-related) Total expenses Operating profit Other income and losses: Gain on sale of AB stock Loss on sale of CD stockd Sec. 1231 gain on sale of lande Interest on U.S. Treasury bills for entire year ($80,000 face amount) Dividends from 15%-owned domestic corporation Net income $51,000 85,000 46,428 49,782 12,085 4,420 85,000 2,100 45,000 7,400 11,020 68,300 3,600 16,400 5,180 1,400 494,115 $ 510,835 $ 18,000 (26,075) 5,050 2,000 11,000 9,975 $ 520,810

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_2

Step: 3

blur-text-image_3

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

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Ph.D. Sangster, Alan

12th Edition

0273767925, 9780273767923

More Books

Students also viewed these Accounting questions

Question

How is vacation and sick time accrued?

Answered: 1 week ago

Question

How many typing errors are permitted in a cover letter

Answered: 1 week ago