Barnabas Collins owns a 40-percent interest in the Collins Cannery. For the partnership taxyear ended December 31, the partnership reports the following items of partnershipincome, gain, loss, deduction, and credit.Gross salesCost of goods soldWagesNet Section 1231 gainCasualty lossInterestDepreciation$390,000230,000110,00045,00012,0007,00021,0003,0009,000Business bad debtCharitable contributionsCalculate the partner's distributive shares of (1) partnership ordinary income or lossand (2) separately stated items. Show all your work.Ordinary Income:Barnabas' portion of ordinary income:Separately stated items.TotalBarnabas' share

Ordinary Income -Wages and salaries, rent, commissions, short-term capital gains, and other forms…

Barnabas Collins owns a 40-percent interest in the Collins Cannery. For the partnership year ended December 31, the partnership reports the following items of partners income, gain, loss, deduction, and credit. Gross sales Cost of goods sold Wages Net Section 1231 gain $390,000 230,000 110,000 45,000 12,000 7,000 Depreciation 21,000 Business bad debt 3,000 Charitable contributions 9,000 Casualty loss Interest

Barnabas Collins owns a 40-percent interest in the Collins Cannery. For the partnership year ended December 31, the partnership reports the following items of partners income, gain, loss, deduction, and credit. Gross sales Cost of goods sold Wages Net Section 1231 gain $390,000 230,000 110,000 45,000 12,000 7,000 Depreciation 21,000 Business bad debt 3,000 Charitable contributions 9,000 Casualty loss Interest

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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