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partnership IP4
Davy Jones provides the following information for Davy Jones’ Nautical Tours, LLC, a Limited Liability Company he operat ...
partnership IP4
Davy Jones provides the following information for Davy Jones’ Nautical Tours, LLC, a Limited Liability Company he operates with his business partner, William TurnerYou’re required to prepare a 1065 U.S. Return of Partnership Income, a 1065 Statement 1 – Other Deductions, a 1065 Schedule K1 – Partner’s Share of Income, Deductions, Credits, etc., and a 1065 Schedule B1 – Information on Partners Owning 50% or More of a PartnershipDavy Jones’ Nautical Tours, LLC is operated by David K. Jones (SSN 000-00-0000) and William W. Turner (SSN 111-11-1111). They are each 50% members in the LLC.Principal Business or Professional Activity Code; 114110Principal business; Charter fishing toursEmployer Identification Number 867530950Business address Home address (David K. Jones)1008 North Harbor Drive 8700 Lake Murray Blvd #2San Diego, CA 92103 San Diego, 92119The cash accounting method and GAAP are utilizedThe business started January 1st, 2012Wages consist of $25,000 paid to one employee and $15,000 to anotherGuaranteed Payments; $42,000 payments to each member; Jones and TurnerJones and Turner are considered self-employed, therefore no FICA was withheld on their behalfDepreciation expense; The Jolly Roger was purchased for $850,000. The depreciation on the income statement is book depreciation and will differ from what is actually used on Line 16 Depreciation of form 1065.The boat is depreciated using the Modified Accelerated Cost Recovery System (MACRS), half year convention, is in its 4th year of service and the 10-year recovery period is used.Utilize Publication 946 How to Depreciate Property to calculate the correct depreciation amount to enter on the 1065 Lines 16a and 16c (Form 4562 is not required).Locate Table A1 in the Appendix to calculate the tax-deductible depreciation.Interest expense is interest paid on the loan for the boat; the boat loan is considered nonrecourseInsurance payments were made to cover liability for guests and for the boatPayroll taxes; Federal Insurance Contributions Act (FICA); Social Security and Medicare payments made on the behalf of employeesFederal Insurance Contributions Act (FUTA) made on behalf of employeesTravel was purely for business purposesParking fines are tickets Jones received for parking illegallyLease expense was paid to Honda Motors for his mother’s car lease, who is not involved in the business in any wayIncome StatementDecember 31, 20XXRevenue $400,950.00Wages ($40,000.00)Guaranteed Payments ($84,000.00)FICA ($3,060.00)FUTA ($85.00)Depreciation ($85,000.00)Interest ($43,900.00)Advertising ($6,350.00)Supplies ($23,795.00)Legal fees ($6,940.00)Insurance ($26,700.00)Boat slip rental ($33,010.00)Travel ($6,250.00)Office expense ($7,940.00)Parking fines ($1,350.00)Lease expense ($3,650.00)Net Profit $28,920.00Balance Sheet1/1/2016 12/31/2016Cash $15,500.00 $22,010.00Boat $850,000.00 $850,000.00Accumulated Depreciation ($255,000.00) ($340,000.00)Total Assets $610,500.00 $532,010.00Loans $525,000.00 $417,590.00Equity Investment $50,000.00 $50,000.00Retained Earnings $35,500.00 $64,420.00Total Equity + Liability $610,500.00 $532,010.00Assignment GuidelinesTo prepare The LLC’s tax return, complete the following steps:Ensure that you have Adobe Reader installed on your computer to open and use the downloadable IRS forms.Go to the IRS Web site (www.irs.gov) and download the fill-in tax forms that you will need to complete.Complete all necessary downloaded fill-in forms on the computer and save.Save the completed forms as PDFs and upload for grading.You may not utilize Tax preparation software to complete this assignment! This constitutes cheating!Save the completed forms as PDFs and upload for grading; double check your PDFs to ensure data was retained when they were uploaded to Submitted Assignments; blank forms will yield 0 points!You will be required to fill out and submit the following forms (find these forms online)1065 U.S. Return of Partnership Income1065 Statement 1 – Other Deductions1065 Schedule K1 – Partner’s Share of Income, Deductions, Credits, etc.1065 Schedule B1 – Information on Partners Owning 50% or More of a Partnership(although a tax preparer is required to fill out a 1065 Schedule K1 for each partner/member, you may fill out just one for Davy Jones only since you have his address)Complete all of the requested attachments for the applicable tax return
W5 Reflective Journal, advantages to advertising on cable TV assignment help
W5 Reflective JournalThere are many advantages to advertising on cable TV including the opportunity for narrowcasting or r ...
W5 Reflective Journal, advantages to advertising on cable TV assignment help
W5 Reflective JournalThere are many advantages to advertising on cable TV including the opportunity for narrowcasting or reaching a very specialized target market. Select a cable network from the list shown in Figure 11-4 and develop a profile of it by visiting the Cable Network Profile section of the website for the Cable Television Advertising Bureau (http://www.thecab.tv/). Using the information provided, discuss the target audience reached by this network, the programming on it, and the types of companies that might choose to use it as part of their television advertising media plan. Watch the network and discuss the types of commercials used by the advertisers with respect to factors such as creative style and execution, length and format. Do the commercials appear to differ from those found on the major networks? If so, in what ways? ?Your work should be at least 500 words and draw from your own personal thoughts and ideas. This journal entry should be written in first person and if you use information from the textbook or lecture you must cite your sources.
18 pages
Management Deferred Maintenance
Deferred management is the postponement or delay of maintenance and repairs. This is mostly caused by budget constraints, ...
Management Deferred Maintenance
Deferred management is the postponement or delay of maintenance and repairs. This is mostly caused by budget constraints, lack of proper planning and ...
BUS446 week 2 assignment
Assume a producer of Inkjet Printers is planning to add a new line of printers, and you have been asked to balance the pro ...
BUS446 week 2 assignment
Assume a producer of Inkjet Printers is planning to add a new line of printers, and you have been asked to balance the process given the task times and precedence relationships in the chart below. Assume that cycle time is to be the minimum possible. In five slides or less (not including title or reference slides), present your strategy and results using a PowerPoint presentation. Use the Notes area to type any portion that will be spoken as the audio portion.You may wish to include visual enhancements in your presentation. Students may wish to use the Where to Get Free (and legal) Images (Links to an external site.)Links to an external site. guide for assistance with accessing freely available public domain and/or Creative Commons licensed images. It is recommended that you access Garr Reynolds’ Top Ten Slide Tips (Links to an external site.)Links to an external site. and Simple Rules for Better PowerPoint Presentations (Links to an external site.)Links to an external site. web pages that provide useful assistance with creating successful PowerPoint presentations.TaskLength (minutes)Immediate (Predecessor)a0.2-b0.4ac0.3-d1.3b, ce0.1-f0.8eg0.3d, fh1.2g
Allegany College of Maryland Disney Financial Analysis Presentation
The purpose of this assignment is to analyze a statement of cash flows to determine the financial strengths and weaknesses ...
Allegany College of Maryland Disney Financial Analysis Presentation
The purpose of this assignment is to analyze a statement of cash flows to determine the financial strengths and weaknesses of a company.Understanding a company's major sources and uses of cash and how cash is being used in the business through the analysis of the statement of cash flows is essential. This analysis guides financial decision making and is used to determine financial strengths and weaknesses within the company.The accounting manager has asked you to prepare a 5-10 minute presentation for company stakeholders summarizing your analysis of the statement of cash flows and the financial strengths and weaknesses of the company.In the Form 10-K for the company you selected, review the M&D section of the annual report and the management’s discussion of changes in the cash flows.Create a PowerPoint presentation (5-8 slides) that summarizes your analysis and addresses the following. Include screenshot content from the statement of cash flows as needed to illustrate key findings and information.Discuss the company's major sources of cash in each of the three sections.Discuss the company's major uses of cash in each of the three sections.Discuss the major differences between the net income and the cash provided or used by operating activities, and explain the cause of the major difference between the two values.Summarize the financial strengths of the business and justify your analysis based on evidence in the statement of cash flows. Include discussion of whether you anticipate the company will experience continued success and explain why. Only information from the statement of cash flow should be referenced.Summarize the financial weaknesses of the business and justify your analysis based on evidence in the statement of cash flows. Include discussion of whether you anticipate the company will experience continued challenges in this area and explain why. Only information from the statement of cash flows should be referenced.Refer to the resource, "Creating Effective PowerPoint Presentations," located in the Student Success Center, for additional guidance on completing this assignment in the appropriate style.Using the PowerPoint you created, practice your presentation. Use Loom to record your 5-10 minute presentation for the company stakeholders and submit the Loom file to the instructor. Refer to the study materials for additional guidance on recording your presentation with Loom.While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
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partnership IP4
Davy Jones provides the following information for Davy Jones’ Nautical Tours, LLC, a Limited Liability Company he operat ...
partnership IP4
Davy Jones provides the following information for Davy Jones’ Nautical Tours, LLC, a Limited Liability Company he operates with his business partner, William TurnerYou’re required to prepare a 1065 U.S. Return of Partnership Income, a 1065 Statement 1 – Other Deductions, a 1065 Schedule K1 – Partner’s Share of Income, Deductions, Credits, etc., and a 1065 Schedule B1 – Information on Partners Owning 50% or More of a PartnershipDavy Jones’ Nautical Tours, LLC is operated by David K. Jones (SSN 000-00-0000) and William W. Turner (SSN 111-11-1111). They are each 50% members in the LLC.Principal Business or Professional Activity Code; 114110Principal business; Charter fishing toursEmployer Identification Number 867530950Business address Home address (David K. Jones)1008 North Harbor Drive 8700 Lake Murray Blvd #2San Diego, CA 92103 San Diego, 92119The cash accounting method and GAAP are utilizedThe business started January 1st, 2012Wages consist of $25,000 paid to one employee and $15,000 to anotherGuaranteed Payments; $42,000 payments to each member; Jones and TurnerJones and Turner are considered self-employed, therefore no FICA was withheld on their behalfDepreciation expense; The Jolly Roger was purchased for $850,000. The depreciation on the income statement is book depreciation and will differ from what is actually used on Line 16 Depreciation of form 1065.The boat is depreciated using the Modified Accelerated Cost Recovery System (MACRS), half year convention, is in its 4th year of service and the 10-year recovery period is used.Utilize Publication 946 How to Depreciate Property to calculate the correct depreciation amount to enter on the 1065 Lines 16a and 16c (Form 4562 is not required).Locate Table A1 in the Appendix to calculate the tax-deductible depreciation.Interest expense is interest paid on the loan for the boat; the boat loan is considered nonrecourseInsurance payments were made to cover liability for guests and for the boatPayroll taxes; Federal Insurance Contributions Act (FICA); Social Security and Medicare payments made on the behalf of employeesFederal Insurance Contributions Act (FUTA) made on behalf of employeesTravel was purely for business purposesParking fines are tickets Jones received for parking illegallyLease expense was paid to Honda Motors for his mother’s car lease, who is not involved in the business in any wayIncome StatementDecember 31, 20XXRevenue $400,950.00Wages ($40,000.00)Guaranteed Payments ($84,000.00)FICA ($3,060.00)FUTA ($85.00)Depreciation ($85,000.00)Interest ($43,900.00)Advertising ($6,350.00)Supplies ($23,795.00)Legal fees ($6,940.00)Insurance ($26,700.00)Boat slip rental ($33,010.00)Travel ($6,250.00)Office expense ($7,940.00)Parking fines ($1,350.00)Lease expense ($3,650.00)Net Profit $28,920.00Balance Sheet1/1/2016 12/31/2016Cash $15,500.00 $22,010.00Boat $850,000.00 $850,000.00Accumulated Depreciation ($255,000.00) ($340,000.00)Total Assets $610,500.00 $532,010.00Loans $525,000.00 $417,590.00Equity Investment $50,000.00 $50,000.00Retained Earnings $35,500.00 $64,420.00Total Equity + Liability $610,500.00 $532,010.00Assignment GuidelinesTo prepare The LLC’s tax return, complete the following steps:Ensure that you have Adobe Reader installed on your computer to open and use the downloadable IRS forms.Go to the IRS Web site (www.irs.gov) and download the fill-in tax forms that you will need to complete.Complete all necessary downloaded fill-in forms on the computer and save.Save the completed forms as PDFs and upload for grading.You may not utilize Tax preparation software to complete this assignment! This constitutes cheating!Save the completed forms as PDFs and upload for grading; double check your PDFs to ensure data was retained when they were uploaded to Submitted Assignments; blank forms will yield 0 points!You will be required to fill out and submit the following forms (find these forms online)1065 U.S. Return of Partnership Income1065 Statement 1 – Other Deductions1065 Schedule K1 – Partner’s Share of Income, Deductions, Credits, etc.1065 Schedule B1 – Information on Partners Owning 50% or More of a Partnership(although a tax preparer is required to fill out a 1065 Schedule K1 for each partner/member, you may fill out just one for Davy Jones only since you have his address)Complete all of the requested attachments for the applicable tax return
W5 Reflective Journal, advantages to advertising on cable TV assignment help
W5 Reflective JournalThere are many advantages to advertising on cable TV including the opportunity for narrowcasting or r ...
W5 Reflective Journal, advantages to advertising on cable TV assignment help
W5 Reflective JournalThere are many advantages to advertising on cable TV including the opportunity for narrowcasting or reaching a very specialized target market. Select a cable network from the list shown in Figure 11-4 and develop a profile of it by visiting the Cable Network Profile section of the website for the Cable Television Advertising Bureau (http://www.thecab.tv/). Using the information provided, discuss the target audience reached by this network, the programming on it, and the types of companies that might choose to use it as part of their television advertising media plan. Watch the network and discuss the types of commercials used by the advertisers with respect to factors such as creative style and execution, length and format. Do the commercials appear to differ from those found on the major networks? If so, in what ways? ?Your work should be at least 500 words and draw from your own personal thoughts and ideas. This journal entry should be written in first person and if you use information from the textbook or lecture you must cite your sources.
18 pages
Management Deferred Maintenance
Deferred management is the postponement or delay of maintenance and repairs. This is mostly caused by budget constraints, ...
Management Deferred Maintenance
Deferred management is the postponement or delay of maintenance and repairs. This is mostly caused by budget constraints, lack of proper planning and ...
BUS446 week 2 assignment
Assume a producer of Inkjet Printers is planning to add a new line of printers, and you have been asked to balance the pro ...
BUS446 week 2 assignment
Assume a producer of Inkjet Printers is planning to add a new line of printers, and you have been asked to balance the process given the task times and precedence relationships in the chart below. Assume that cycle time is to be the minimum possible. In five slides or less (not including title or reference slides), present your strategy and results using a PowerPoint presentation. Use the Notes area to type any portion that will be spoken as the audio portion.You may wish to include visual enhancements in your presentation. Students may wish to use the Where to Get Free (and legal) Images (Links to an external site.)Links to an external site. guide for assistance with accessing freely available public domain and/or Creative Commons licensed images. It is recommended that you access Garr Reynolds’ Top Ten Slide Tips (Links to an external site.)Links to an external site. and Simple Rules for Better PowerPoint Presentations (Links to an external site.)Links to an external site. web pages that provide useful assistance with creating successful PowerPoint presentations.TaskLength (minutes)Immediate (Predecessor)a0.2-b0.4ac0.3-d1.3b, ce0.1-f0.8eg0.3d, fh1.2g
Allegany College of Maryland Disney Financial Analysis Presentation
The purpose of this assignment is to analyze a statement of cash flows to determine the financial strengths and weaknesses ...
Allegany College of Maryland Disney Financial Analysis Presentation
The purpose of this assignment is to analyze a statement of cash flows to determine the financial strengths and weaknesses of a company.Understanding a company's major sources and uses of cash and how cash is being used in the business through the analysis of the statement of cash flows is essential. This analysis guides financial decision making and is used to determine financial strengths and weaknesses within the company.The accounting manager has asked you to prepare a 5-10 minute presentation for company stakeholders summarizing your analysis of the statement of cash flows and the financial strengths and weaknesses of the company.In the Form 10-K for the company you selected, review the M&D section of the annual report and the management’s discussion of changes in the cash flows.Create a PowerPoint presentation (5-8 slides) that summarizes your analysis and addresses the following. Include screenshot content from the statement of cash flows as needed to illustrate key findings and information.Discuss the company's major sources of cash in each of the three sections.Discuss the company's major uses of cash in each of the three sections.Discuss the major differences between the net income and the cash provided or used by operating activities, and explain the cause of the major difference between the two values.Summarize the financial strengths of the business and justify your analysis based on evidence in the statement of cash flows. Include discussion of whether you anticipate the company will experience continued success and explain why. Only information from the statement of cash flow should be referenced.Summarize the financial weaknesses of the business and justify your analysis based on evidence in the statement of cash flows. Include discussion of whether you anticipate the company will experience continued challenges in this area and explain why. Only information from the statement of cash flows should be referenced.Refer to the resource, "Creating Effective PowerPoint Presentations," located in the Student Success Center, for additional guidance on completing this assignment in the appropriate style.Using the PowerPoint you created, practice your presentation. Use Loom to record your 5-10 minute presentation for the company stakeholders and submit the Loom file to the instructor. Refer to the study materials for additional guidance on recording your presentation with Loom.While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
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