taxes - help with a schedule K-1

Schedule 1 Form 1005 651119 Par Fariner's Share on Current Yew Income Deductions, Credits, and other 2019 Partner's Share of income, Deductions. Credits, etc. Part Information About the Partnership XXXXXX wwe Foreve ne 7230 Street GEST2233 Et Loty.SI Part II Information About the Partner PTT 1 POS Hermann Hebert 1 To GUSTO 18 Uncongan GG LLC arc membran Homepat Foreign parter H2 the orded anywhere TIN Name With type of any is the per is reverent plan checkbare Pat's the disco Beginning Ending Pro Loe Cara Check decreased to recommend 10 121 11 12 Seconduction 13 Omer du Para sa labi Beginning Ending Noncours 5 Quod non Enci 5 5 Cake boxen Kwide stromorph Partner's Capital Account Analysis L 14 Samolotem Beginning capital account 5 Capital contributed during the year 5 Current year net income 5 Orches W& distribution 51 Ending capital account 5 21 Morean one way for purpo 22 More than one foto *See attached statement for additional information M Did the partner contribute property with a ban gain or loss? Ne Metch statement instructions N Partner's Share of Net Unrecognized Section 704) Gainer. Beginning Ending For Paperwork Reduction Act Notice, see Instructions for Form 1006. www.is.gov/Foto For IRS Use Only Cat No. 1150R Schedule 1 Form C11-61 Botte-Up. Ine was organized on January 2010. ond made a section on Jawy 24, 2018 The necessary condents to the election were tied in a timely maveria 124 Ch tomu calendar year as to take the accruauto et scuting and the Best on FF) mero boete manufactures mareste imade no changes to the very costing method is you see Whentication method for bad debts for book and tax purposes. Herman Hotels w 500 m in matery participaten Bome- Unge av Herman Heberatan matapon Fearow to Bom Up for me current yew are shown totes C.11.2014 Pra 2019 Scorporation Botte-Up showing yourse paid prepare Bottle Up, Inc. Income Statement for the Year Ended December 31 of the Current Year (Problem C:11-410) Sales $2,500,000 Return and allowances 115.000 Net als 52.485.000 Beginning inventory $102.000 Purchases 900.000 Labor (W-2 wages) 200,000 Supplies 80.000 Utilities 100,000 Other manufacturing costs 188.000 Goods available for sale 51.570,000 Ending inventory (96.000) 1.474.000 Gross probit 51,011,000 Salaries $ 451.020 Unities expense 54,000 Depreciation (MACRS depreciation is $36,311) 11.782 Automobile and truck expense 26.000 Office supplies expense 9,602 Advertising expense 105,000 Bad debts expense 30,000 Rent expertise Interest expenses 1.500 Meak and entertainment expense" 12,500 Selling expenses 108,500 Repairs and maintenance expense 38.000 Accounting and legal expense 4.500 Charitable contributions 9,000 620 24,500 11,000 36,980 2.500 1.000 938,0043 $72.996 Insurance expense Hourly employees fringe benefits Payroll taxes Other taxes Penaltes (fines for overweight trucks) Operating profit Other income and losses Long-term gain on sale of capital assets Sec 1231 loss Interest on U.S. Treasury bills Interest on State of Florida bonds Dividends from domestic corporations Investment expenses Net income $ 48,6669 (1.1007 1.200 600 11.600 (600 60365 $ 133,362 Officer salaries of $120.000 are included in the total All are employw wages The AMT depreciation astment on personal property is 39,000 Investment interest expense is 3500. Al other interest expenses trade or bused None of the interest pense relates to the production of tacem income of 512.500 to 54,000 located to meals and 58.500 located to entertainment * The corporation made all contributions in cash to quallying charities indude 53.000 el premium pod for polices on les of corporate offers come up the beneficiary for den polos The corporation acquired the capital assets on March 3. 2017 for $100.000 and sold them on September 15, 2019, for 5148.666 The corporation card the Sec 1231 property on 5. 2018 for $10,000 and sold to December 21, 2013. for 300 Table C:11-3 Bottle-Up, Inc. Balance Sheet for January 1 and December 31 of the Current Year (Problem C:11-610) January 1 December 31 Assets Cash Accounts receivable Inventories Stocks Treasury bills State of Florida bonds Building and equipment Minus: Accumulated depreciation Land Total $ 15,000 41,500 102,000 103,000 15,000 10,000 375,434 (161,318) 160,000 $660,616 $116,948 45,180 96,000 74,000 16,000 10,000 375,000 (173,100) 190.000 $750,028 Liabilities and equities: Accounts payable Accrued salaries payable Payroll taxes payable Sales taxes payable Due to Mr. Hiebert Mortgage and notes payable (current maturities) Long-term debt Capital stock Retained earnings Total $ 36,000 12,000 3,416 5,200 10,000 44,000 210,000 10,000 330,000 5660,616 $ 10,000 6,000 7,106 6,560 5,000 52,000 260,000 10,000 393,362 $750,028 Table C:11-4 Bottle-Up, Inc. Statement of Change in Retained Earnings for the Current Year Ended December 31 (Problem C:11-610) Balance, lanuary 1 Plus Net income Minus Dividends $330,000 $133,362 (70,000) 63,362 Balance, December 31 5393,362 The January 1 accumulated adjustments account balance is 5274.300 Schedule 1 Form 1005 651119 Par Fariner's Share on Current Yew Income Deductions, Credits, and other 2019 Partner's Share of income, Deductions. Credits, etc. Part Information About the Partnership XXXXXX wwe Foreve ne 7230 Street GEST2233 Et Loty.SI Part II Information About the Partner PTT 1 POS Hermann Hebert 1 To GUSTO 18 Uncongan GG LLC arc membran Homepat Foreign parter H2 the orded anywhere TIN Name With type of any is the per is reverent plan checkbare Pat's the disco Beginning Ending Pro Loe Cara Check decreased to recommend 10 121 11 12 Seconduction 13 Omer du Para sa labi Beginning Ending Noncours 5 Quod non Enci 5 5 Cake boxen Kwide stromorph Partner's Capital Account Analysis L 14 Samolotem Beginning capital account 5 Capital contributed during the year 5 Current year net income 5 Orches W& distribution 51 Ending capital account 5 21 Morean one way for purpo 22 More than one foto *See attached statement for additional information M Did the partner contribute property with a ban gain or loss? Ne Metch statement instructions N Partner's Share of Net Unrecognized Section 704) Gainer. Beginning Ending For Paperwork Reduction Act Notice, see Instructions for Form 1006. www.is.gov/Foto For IRS Use Only Cat No. 1150R Schedule 1 Form C11-61 Botte-Up. Ine was organized on January 2010. ond made a section on Jawy 24, 2018 The necessary condents to the election were tied in a timely maveria 124 Ch tomu calendar year as to take the accruauto et scuting and the Best on FF) mero boete manufactures mareste imade no changes to the very costing method is you see Whentication method for bad debts for book and tax purposes. Herman Hotels w 500 m in matery participaten Bome- Unge av Herman Heberatan matapon Fearow to Bom Up for me current yew are shown totes C.11.2014 Pra 2019 Scorporation Botte-Up showing yourse paid prepare Bottle Up, Inc. Income Statement for the Year Ended December 31 of the Current Year (Problem C:11-410) Sales $2,500,000 Return and allowances 115.000 Net als 52.485.000 Beginning inventory $102.000 Purchases 900.000 Labor (W-2 wages) 200,000 Supplies 80.000 Utilities 100,000 Other manufacturing costs 188.000 Goods available for sale 51.570,000 Ending inventory (96.000) 1.474.000 Gross probit 51,011,000 Salaries $ 451.020 Unities expense 54,000 Depreciation (MACRS depreciation is $36,311) 11.782 Automobile and truck expense 26.000 Office supplies expense 9,602 Advertising expense 105,000 Bad debts expense 30,000 Rent expertise Interest expenses 1.500 Meak and entertainment expense" 12,500 Selling expenses 108,500 Repairs and maintenance expense 38.000 Accounting and legal expense 4.500 Charitable contributions 9,000 620 24,500 11,000 36,980 2.500 1.000 938,0043 $72.996 Insurance expense Hourly employees fringe benefits Payroll taxes Other taxes Penaltes (fines for overweight trucks) Operating profit Other income and losses Long-term gain on sale of capital assets Sec 1231 loss Interest on U.S. Treasury bills Interest on State of Florida bonds Dividends from domestic corporations Investment expenses Net income $ 48,6669 (1.1007 1.200 600 11.600 (600 60365 $ 133,362 Officer salaries of $120.000 are included in the total All are employw wages The AMT depreciation astment on personal property is 39,000 Investment interest expense is 3500. Al other interest expenses trade or bused None of the interest pense relates to the production of tacem income of 512.500 to 54,000 located to meals and 58.500 located to entertainment * The corporation made all contributions in cash to quallying charities indude 53.000 el premium pod for polices on les of corporate offers come up the beneficiary for den polos The corporation acquired the capital assets on March 3. 2017 for $100.000 and sold them on September 15, 2019, for 5148.666 The corporation card the Sec 1231 property on 5. 2018 for $10,000 and sold to December 21, 2013. for 300 Table C:11-3 Bottle-Up, Inc. Balance Sheet for January 1 and December 31 of the Current Year (Problem C:11-610) January 1 December 31 Assets Cash Accounts receivable Inventories Stocks Treasury bills State of Florida bonds Building and equipment Minus: Accumulated depreciation Land Total $ 15,000 41,500 102,000 103,000 15,000 10,000 375,434 (161,318) 160,000 $660,616 $116,948 45,180 96,000 74,000 16,000 10,000 375,000 (173,100) 190.000 $750,028 Liabilities and equities: Accounts payable Accrued salaries payable Payroll taxes payable Sales taxes payable Due to Mr. Hiebert Mortgage and notes payable (current maturities) Long-term debt Capital stock Retained earnings Total $ 36,000 12,000 3,416 5,200 10,000 44,000 210,000 10,000 330,000 5660,616 $ 10,000 6,000 7,106 6,560 5,000 52,000 260,000 10,000 393,362 $750,028 Table C:11-4 Bottle-Up, Inc. Statement of Change in Retained Earnings for the Current Year Ended December 31 (Problem C:11-610) Balance, lanuary 1 Plus Net income Minus Dividends $330,000 $133,362 (70,000) 63,362 Balance, December 31 5393,362 The January 1 accumulated adjustments account balance is 5274.300