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The Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Rowdy Fun is an outdoor equipment retailer focused on selling outdoor activities gear. Thomas has a 33.33% profits and capital interest and the limited partners hold the remaining 66.66% of the profits and capital interests. Their profits and capital interests have remained unchanged since the partnership was formed. Thomas is actively involved in managing the business while the limited partners are simply investors.
Additional Information
Rowdy Fun expensed $23,000 of signs and display cases for tax purposes.
Financial Statements
Rowdy Fun
Income Statement
For year ended December 31, 2013
Sales
975,000
Sales returns and allowances
(25,000)
Cost of goods sold
(300,000)
Gross profit from operations
650,000
Other Income:
Interest from Money Market
3,500
Gain for sale of statue
15,000
Gross income
668,500
Expenses:
Employee wages
(125,000)
Interest on accounts payable
(2,000)
Payroll and property taxes
(45,000)
Supplies
(26,000)
Rent on retail building
(20,000)
Depreciation on furniture and fixtures
(15,400)
Advertising
(4,000)
Guaranteed payments to Thomas Kyle
(40,000)
Utilities
(16,000)
Accounting and legal services
(5,000)
Meals and entertainment
(500)
Charitable Contributions
(375)
Miscellaneous expense
(425)
Total expenses
(299,700)
Net Income for Books
368,800
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