May 27, 2016

Homework Help: Accounting HELPPPP

Posted by Aby on Wednesday, April 18, 2012 at 3:37pm.

Jim Johnson has 40% interest in Richards and Johnson, LLP. The partnership has the following activity for the year:

Sales $180,000
Cost of Goods Sold 105,000
Guaranteed Payment to Ron Richards 25,000
Depreciation 11,000
Interest Expense 1,000
Tax-Exempt Income 1,500
Health Insurance Premiums for Jim Johnson 700
Health Insurance Premiums for Ron Richards 700

Calculate Jimís share of ordinary income from the partnership. Calculate Jimís share of separately stated items that will appear on his Schedule K-1 from Richards and Johnson, LLP.

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