Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, galns, and losses: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-WICRS $179 deduction $ 75,250 11,400 (40,500) (7, 8ee) (10,700) (16, eee) (4,700) 7,400 5,850 (3,250) Emplayee wages Nondeductible fines and penalties Municipal bond interest Short-tern capital gains Guaranteed payment to Sandra "Assume the 5179 property placed in service limitation does not apply.

Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, galns, and losses: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-WICRS $179 deduction $ 75,250 11,400 (40,500) (7, 8ee) (10,700) (16, eee) (4,700) 7,400 5,850 (3,250) Emplayee wages Nondeductible fines and penalties Municipal bond interest Short-tern capital gains Guaranteed payment to Sandra "Assume the 5179 property placed in service limitation does not apply.

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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