PARTNERSHIP ACCOUNTING AND TAXATION
Not what you're looking for?
Jim Johnson has 40% interest in Richards and Johnson, LLP. The partnership has the following activity for the year:
Sales $180,000
Cost of Goods Sold 105,000
Guaranteed Payment to Ron Richards 25,000
Depreciation 11,000
Interest Expense 1,000
Tax-Exempt Income 1,500
Health Insurance Premiums for Jim Johnson 700
Health Insurance Premiums for Ron Richards 700
Calculate Jim's share of ordinary income from the partnership. Calculate Jim's share of separately stated items that will appear on his Schedule K-1 from Richards and Johnson, LLP.
Purchase this Solution
Solution Summary
Calculate Jim's share of ordinary income from the partnership. Calculate Jim's share of separately stated items that will appear on his Schedule K-1 from Richards and Johnson, LLP.
Solution Preview
Dear Student,
Brain Mass regulations do not allow us to complete entire questions for students, however, I will give you enough information to complete the sections that I do not complete for you. Please contact me if you need further explanation.
Jim Johnson has 40% interest in Richards and Johnson, LLP. The partnership has the following activity for the year:
Sales $180,000
Cost of Goods Sold 105,000
Guaranteed Payment to Ron Richards 25,000
Depreciation 11,000
Interest Expense 1,000
Tax-Exempt ...
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.