Jason is a 5% limited partner in Groundbreaking Technology Partnership. He also serves as the partnership's chief marketing director. This year, he received a guaranteed payment of $85,000 for his services as marketing director. His share of the partnership's business income was $3,500. What is the total amount that will be reported as net earnings from self-employment in box 14 of Jason's Schedule K-1 (Form 1065)? $3,500 $81,500 $85,000 $88,500

Jason is a 5% limited partner in Groundbreaking Technology Partnership. He also serves as the partnership's chief marketing director. This year, he received a guaranteed payment of $85,000 for his services as marketing director. His share of the partnership's business income was $3,500. What is the total amount that will be reported as net earnings from self-employment in box 14 of Jason's Schedule K-1 (Form 1065)? $3,500 $81,500 $85,000 $88,500

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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these entries will be recorded 1) record the entry for formation of partnership june 1 2020 2) record the withdrawl by partner november 20 3) record the closing of profit to capital may 31 4) record the admissin of william for 20% interest june 01 these are not subparts i have mentioned these only for ur help
Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…
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Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rate 2,400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties…
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