The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,100.and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnershipreports the following results:Sales revenueGain on sale of land ($1231)Cost of goods soldDepreciation-MACRSEmployee wagesCash charitable contributionsMunicipal bond interestOther expensesNote: Negative amounts should be indicated by a minus sign.Required:a-1. How much ordinary income (loss) is allocated to Gary for the year?$91,5007,500(53,500)(15,600)(11,100)(5,300)5,450(5,100)a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income(loss).How much ordinary income (loss) is allocated to Gary for the year?Note: Round your intermediate computations to the nearest whole dollar amount.Ordinary income (loss)DescriptionRequired AtSeparately Stated Items Schedule K-1:Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employmentincome (loss).Note: Round your intermediate computations and final answers to the nearest whole dollar amount.Required A2 >TotalAmountAllocatedto Gary

Ordinary income is money obtained via labour. This includes hourly earnings, salaries, gratuities,…

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-PCRS $ 91,500 7,500 (53,500) (15,600) (11,100) Employee wages Cash charitable contributions Municipal bond interest Other expenses (5,100) Note: Negative amounts should be indicated by a minus sign. equired: 1. How much ordinary income (loss) is allocated to Gary for the year? 2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income wss). How much ordinary income (loss) is allocated to Gary for the year? Wote: Round your intermediate computations to the nearest whole dollar amount. Ordinary income (loss)

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-PCRS $ 91,500 7,500 (53,500) (15,600) (11,100) Employee wages Cash charitable contributions Municipal bond interest Other expenses (5,100) Note: Negative amounts should be indicated by a minus sign. equired: 1. How much ordinary income (loss) is allocated to Gary for the year? 2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income wss). How much ordinary income (loss) is allocated to Gary for the year? Wote: Round your intermediate computations to the nearest whole dollar amount. Ordinary income (loss)

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 7BCRQ

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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (§1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 91,500 7,500 (53,500) (15,600) (11,100) (5,300) 5,450 (5,100) Note: Negative amounts should be indicated by a minus sign. Required: a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). Complete this question by entering your answers in the tabs below. Required A1 Required A2 How much ordinary income (loss) is allocated to Gary for the year? Note: Round your intermediate computations to the nearest…
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $13,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (§1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 70,000 $ 8,000 $ (38,000) $ (9,000) $ (14,000) $ (3,000) $ 2,000 $ (2,000) (Negative amounts should be indicated by a minus sign.) b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G&P is a limited partnership and Gary is a limited partner. Self-employment income (loss)
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,500, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses (Negative amounts should be indicated by a minus sign.) Problem 20-61 Part a (Algo) a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). Req A1 Complete this question by entering your answers in the tabs below. Req A2 $ 80,700 6,900 (28,200) (18,100) (17,200) (4,600) Description Separately Stated Items on Schedule K-1: §1231 gains Cash charitable contributions Compute Gary's share of separately stated…
Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $13,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (§1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 70,000 8,000 (38,000) (9,000) (14,000) (3,000) 2,000 (2,000) Note: Negative amounts should be indicated by a minus sign. c. What do you believe Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming G&P is an LLC and Gary spends 2,000 hours per year working there full time? Self-employment income (loss)
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $19,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue $ 83,200 Gain on sale of land (§1231) 6,300 Cost of goods sold (40,700) Depreciation—MACRS (16,600) Employee wages (16,600) Cash charitable contributions (3,400) Municipal bond interest 5,600 Other expenses (4,800) Note: Negative amounts should be indicated by a minus sign. Required: a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G&P is a limited partnership and Gary is a limited partner. PLEASE…
! Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $18,700, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (§1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 85,000 6,350 (33,500) (16,800) (12,100) (5,000) 5,000 (5,100) Note: Negative amounts should be indicated by a minus sign. b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G&P is a limited partnership and Gary is a limited partner. Self-employment income (loss)
Part II: Problems 1. On January 1, 2021, Kaye, Erika and April formed a partnership with original capital contribution ratio or 4:5:1 for total agreed capitalization of P5,000,000. The profit or loss ratio agreement provides that profits shall be distributed in the ratio of 3:2:5 while losses shall be distributed in the ratio of 6:1:3. During 2021, the partnership reported net income of P2,000,000 with Kaye and Erika withdrawing P500,000 and P300,000, respectively. During 2022, the partnership reported net loss of P1,000,000 with Erika and April withdrawing P200,000 and P400,000 respectively. What is the adjusted capital balances of each partner on December 31, 2022?
The partnership contract for the SDF and MGB Partnership, a general partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. • Profit before salaries for the year ended June 30, 2021 was P315,000. Required: Give the journal entry to transfer income summary account balance to drawing accounts of the partners.
The partnership contract for the SDF and MGB Partnership, a generat partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. 1. Profit before salaries for the year ended June 30, 2018 was P315,000. Required: Give the entry to transfer income summary account balance to drawing accounts of the partners.
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Coburn and $25,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation > Debit Credit
Required information Paul and Wayne equally own PW Partnership. Paul's basis was $30,000 and Wayne's basis was $22,000 at the beginning of the year. PW Partnership had the following income and expense items: Sales $ 330,000 Cost of goods sold 220,000 Guaranteed payment to Paul 40,000 Rent expense 24,000 Depreciation 33,000 Interest expense 4,000 Tax-exempt income 3,000 Health insurance premiums for Paul 3,600 Health insurance premiums for Wayne 3,600 PW Partnership's non-financial information is as follows: Name: PW Partnership Address: 5 Furniture Street, Anywhere, NC 28777 EIN: 56-1234567 Date Partnership Began: 01/01/10 Business Code: 442110 Principal Business Activity: Retail Principal Product or Service: Furniture Follows the Cash Method of Accounting b. Calculate Paul’s basis in his partnership interest.
Cassy and Dana formed a partnership with equal sharing in the partnership income and losses, with contributions, as follows: Cassy- P1,000,000 Dana - P 1,000,000 Give the journal entry. Description P.R. Debit Credit