Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $17.900, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold. Depreciation-MACRS $ 81,500 7,200 (36,000) (17,300) (20,400) (3,800) Employee wages Cash charitable contributions Municipal bond interest Other expenses Note: Negative amounts should be indicated by a minus sign. 3,200 (4,500)
Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $17.900, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold. Depreciation-MACRS $ 81,500 7,200 (36,000) (17,300) (20,400) (3,800) Employee wages Cash charitable contributions Municipal bond interest Other expenses Note: Negative amounts should be indicated by a minus sign. 3,200 (4,500)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do not give solution in image
Transcribed Image Text:Required:
a-1. How much ordinary income (loss) is allocated to Gary for the year?
a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment incom
(loss).
Complete this question by entering your answers in the tabs below.
Required A1 Required A2
How much ordinary income (loss) is allocated to Gary for the year?
Note: Round your intermediate computations to the nearest whole dollar amount.
Ordinary income (loss)
< Required A1
Required A2 >
D
![Required information
[The following information applies to the questions displayed below.]
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $17,900,
and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership
reports the following results:
Sales revenue
Gain on sale of land ($1231)
Cost of goods sold
Depreciation-MACRS
Employee wages
Cash charitable contributions
$ 81,500
7,200
(36,000)
(17,300)
(20,400)
(3,800)
Municipal bond interest
3,200
Other expenses
(4,500)
Note: Negative amounts should be indicated by a minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F35b03827-29c4-4fa1-890c-c2ce4a2ec4b5%2F9140d729-dced-4948-bd9e-bf6b5edfd112%2Fd9qpdsj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $17,900,
and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership
reports the following results:
Sales revenue
Gain on sale of land ($1231)
Cost of goods sold
Depreciation-MACRS
Employee wages
Cash charitable contributions
$ 81,500
7,200
(36,000)
(17,300)
(20,400)
(3,800)
Municipal bond interest
3,200
Other expenses
(4,500)
Note: Negative amounts should be indicated by a minus sign.
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