5Required informationPhil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginningbasis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year:IncomeInterest incomeDividend income (qualified)Long-term capital gainsTotal revenueExpensesSalaries and wages (nonpartners)Guaranteed paymentsWilliamsJohnsonDepreciation (MACRS-includes $9,000 $ 179 expense)Interest expenseTaxes and licensesMeals (100%)AutoInsurance (nonpartner health)Accounting and legalRepairsCharitable contributionsPayroll penaltiesTotal expensesNet income$ 336,1231,2594,58613,458$ 355,426$ 47,000Williams & Johnson Partnership's non-financial information is as follows:• Name: Williams and Johnson Partnership75,00050,00041,8885,22015,54815,2575,2546,0002,8001,2002,500500$ 268,167$ 87,259Check m 5ACCOUNCing alle legalRepairsCharitable contributionsPayroll penaltiesTotal expensesNet incomeWilliams & Johnson Partnership's non-financial information is as follows:• Name: Williams and Johnson Partnership• Address: 1 Anywhere Drive, Anywhere, OH 45667• EIN: 45-1234567Date Partnership Began: 01/01/12●Business Code: 541219• Principal Business Activity: Accounting●Principal Product or Service: Accounting• Follows the Cash Method of Accountingc. What is the ending basis for Phil Williams?Note: Round your intermediate calculations to nearest whole dollar value.Ending Basis for Phil2,ouu1,2002,500500$ 268,167$ 87,259Check

In order to demonstrate how the business appropriates or distributes the profit made throughout the…

Required information Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonpartners) Guaranteed payments Williams Johnson Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income Williams & Johnson Partnership's non-financial information is as • Name: Williams and Johnson Partnership $ 336,123 1,259 4,586 13,458 $ 355,426 ws: $ 47,000 75,000 50,000 41,888 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $ 268,167 $ 87,259

Required information Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonpartners) Guaranteed payments Williams Johnson Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income Williams & Johnson Partnership's non-financial information is as • Name: Williams and Johnson Partnership $ 336,123 1,259 4,586 13,458 $ 355,426 ws: $ 47,000 75,000 50,000 41,888 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $ 268,167 $ 87,259

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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