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Point 1: The KL Partnership is owned equally by Kayla and Lisa. At the beginning of the year, Kayla's basis is $20,000 and Lisa's basis is $16,000. Partnership debt did not change from the beginning to the end of the tax year. KL reported the following income and expenses for the current tax year:
Sales revenue $ 150,000
Cost of sales $ 80,000
Distribution to Lisa $ 15,000
Depreciation expense $ 20,000
Utilities $ 14,000
Rent expense $ 18,000
Long-term capital gain $ 6,000
Payment to Mercy Hospital for Kayla's medical expenses $ 12,000
Question 1: Please provide calculations and reasoning for filling out each line on a 1065 Form. including the completed Schedule M-1 and M-2
Sparrow Corporation would like you to review its employee fringe benefits program with regard to the tax consequences of the plan for the company's president (Polly), who is also the majority shareholder. The company owns a parking garage that is use..
The accounting records of Shinault Inc. show the following data for 2014. Life insurance expense on officers was $8,400. Equipment was acquired in early January for $341,100. Straight-line depreciation over a 5-year life is used, with no salvage valu..
Steve is an employee of Giant Valley Auto City. The company allows all employees to receive a 35% discount on service to their personal vehicles. Steve paid $325 for labor and $650 for parts incurred for repairs to his truck that normally costs $500 ..
On January 1 of Year 1, Congo Express Airways issued $3,500,000 of 7% bonds that. pay interest semiannually on January 1 and July 1. The bond issue price is $3,197,389 and the market rate of interest for similar bonds is 8%. The bond premium or disc..
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a $12 per share annual dividend 10 years from..
What response will you give in the meeting if Tony brings up the issue of the buildings future sales value?
Gaijin Corporation was formed two years ago to manufacture tractor parts. It has been profitable and is growing rapidly. It currently has 150 shareholders and 90 employees; most of the employees own at least a few shares of Gaijin's stock. Explain wh..
How much of the premium should be reported as expense on the 2009 income statement and what is the amount of prepaid insurance which should be reported on the balance sheet at December 31, 2009?
Ocean Division currently earns $830,000 and has divisional assets of $4.4 million. The division manager is considering the acquisition of a new asset that will add to profit. The investment has a cost of $680,000 and will have a yearly cash flow of $..
The payment of interest and the related amortization on July 1, 2012, the accrual of interest and the related amortization on December 31, 2012.
How important do the financial statements appear to be with regard to the annual report? Are the financial statements mentioned in the management discussion?
What are some of the accounting estimates that Research in Motion made in preparing its financial statements? What are some of the effects if the company’s actual results differ from its estimates?
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