Question
Scenario 1 - ABS Partnership Complete only the income and deduction sections of Form 1065 for ABS Partnership. ABS's EIN is 54-8995263 and they are
Scenario 1 - ABS Partnership
Complete only the income and deduction sections of Form 1065 for ABS Partnership.
ABS's EIN is 54-8995263 and they are in the business of electrical repairs. The business began on January 1, 2022, and operates on a cash basis. The two partners are general partners and share equally in the profits and losses of the partnership.
Income from customers Interest received from AR customers Guaranteed payments to partners Wages to assistant Personal property tax Office equipment Depreciation Electricity Rent for shop Contributions to charity Interest paid on bank loan Insurance Payroll taxes (assistant) Telephones Supplies
$72,000 $50 $38,086 (Total for both partners) $ 2,756 $ 111 $ 6,015 $ 860 $ 3,600 $16,800 $ 50 $ 340 $ 482 $ 211 $ 3,945 $ 1,105
Total assets listed in box F of the top portion of Form 1065 should be $5,155.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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