Business, 21.04.2020 03:35 KArrington815
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full-time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,000 and $3,000, respectively, and the partnership did not carry any debt. During the current year, the partnership reported the following results from operations:
Net sales $ 650,000
Cost of goods sold $ 500,000
Operating expenses $ 160,000
Short-term capital loss $ 2,000
Tax-exempt interest $ 2,000
§1231 gain $ 6,000
On the last day of the year, the partnership distributed $3,000 each to Lance and Francesca.
Using the information provided, prepare TimpRiders’ page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Lance and Francesca.
Answers: 3
Business, 22.06.2019 02:00
Keshawn used to work for an it company in baltimore, but lost his job when his company decided to use workers in new delhi instead. this is an example of:
Answers: 1
Business, 23.06.2019 08:30
What effect, considered related to the secondary effect of advertisement, occurs as an advertisement begins to lose its impact when it gets old? the makes the advertisement lose its impact after it gets old.
Answers: 1
Business, 23.06.2019 10:00
The american dream includes home ownership. but in the last few years, it's gotten harder and harder to own a home. do you think home ownership is important to most americans today? why or why not?
Answers: 1
Business, 23.06.2019 11:20
Match each business function with its description. operations marketing finance strategy deals with the challenges that a company faces in the ever-changing business environment arrowright deals with debt, stock, and owner’s funds arrowright readies products and services for production and delivers them to the market arrowright deals with finding, targeting, attracting, and connecting with the right customers
Answers: 1
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited p...
Social Studies, 20.11.2020 03:10
Biology, 20.11.2020 03:10
Mathematics, 20.11.2020 03:10
Mathematics, 20.11.2020 03:10
History, 20.11.2020 03:10
Social Studies, 20.11.2020 03:10
Mathematics, 20.11.2020 03:10
Computers and Technology, 20.11.2020 03:10