subject
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.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 05:00
Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.
Answers: 3
question
Business, 22.06.2019 11:50
Which of the following does not offer an opportunity for timely content? evergreen content news alerts content that suits seasonal consumption patterns content that matches a situational trigger content that addresses urgent pain points
Answers: 2
question
Business, 22.06.2019 12:50
Two products, qi and vh, emerge from a joint process. product qi has been allocated $34,300 of the total joint costs of $55,000. a total of 2,900 units of product qi are produced from the joint process. product qi can be sold at the split-off point for $11 per unit, or it can be processed further for an additional total cost of $10,900 and then sold for $13 per unit. if product qi is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point?
Answers: 2
question
Business, 22.06.2019 16:40
Differentiate between the trait, behavioral, and results-based performance appraisal systems, providing an example where each would be most applicable.
Answers: 1
You know the right answer?
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited p...
Questions
question
English, 25.11.2020 09:00
question
Arts, 25.11.2020 09:00
question
World Languages, 25.11.2020 09:00
question
Arts, 25.11.2020 09:00
question
Chemistry, 25.11.2020 09:00
question
Chemistry, 25.11.2020 09:00
question
English, 25.11.2020 09:00
Questions on the website: 13722365