tax Return form 1065, 1125-A, 4797 and schedule D, schedule k-1, please

Textbooks and More Book Balance Sheet Information

December 31, 2019 December 31, 2020

Account Debit Credit Debit Credit

Cash 22,685 48,319

Accounts receivable 114,329 132,500

Allowance for doubtful accounts 9,200 9,600

Inventory 392,450 402,620

Investment in corporate stock 123,000 132,000

Investment in municipal bonds 60,000 60,000

Cash surrender value of insurance policy 12,000 13,200

Buildings 308,426 308,426

Accumulated depreciation - building 38,760 50,412

Equipment 188,207 203,207

Accumulated depreciation - equipment 129,411 156,976

Trucks 162,000 162,000

Accumulated depreciation - trucks 63,420 80,230

Land 190,000 190,000

Accounts payable 304,200 289,046

Notes payable (short-term) 68,000 64,000

Accrued salaries 15,270 15,457

Accrued payroll taxes 2,850 5,013

Notes payable - bank (long-term) 279,000 221,000

Partners' capital 662,986 760,538

Spring 2021 1,573,097 $ 1,573,097 $ 1,652,272 $ 1,652,272

Book Income StatementYear Ended December 31, 2020

Sales $ 4,359,090

Returns 42,760

Net sales $ 4,316,330

Beginning inventory $ 392,450

Purchases. 2,928,068

Ending inventory. (402,620)

Cost of goods sold 2,917,898

Gross profit on sales $ 1,398,432

Expenses:

Depreciation (Sec. 179 $22,000; MACRS - 38,269) $60,269

Repairs 18,103

General insurance 31,000

Property taxes 19,800

Net premium - officers' life insurance 16,640

Guaranteed payments to partners. 160,000

Salaries and wages 732,858

Advertising 30,190

Utilities 27,342

Legal and accounting 8,670

Charitable contributions 20,000

Payroll tax 72,200

Interest expense 17,900

Bad debt expense 9,650

Total expenses 1,224,622

173,810

Other income and expenses:Loss on sale of securities (3,500)

Interest income on municipal bonds 3,400

Dividend income 3,100

Gain on sale of equipment 742

Total other income and expenses 3,742

Net income $ 177,552