The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Frances- the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. the partnership and the partners report on a calendar-year basis. At the start of the current year, Amir and Francesca bases of $11,900 and $4,100, respectively, and the partnership did not have any liabilities. During the current year, th partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest §1231 gain $ 684,000 511,000 186,000 2,800 3,100 7,100 On the last day of the year, the partnership distributed $4,100 each to Amir and Francesca. mprehensive Problem 09-81 Part 1 (Algo)

The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Frances- the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. the partnership and the partners report on a calendar-year basis. At the start of the current year, Amir and Francesca bases of $11,900 and $4,100, respectively, and the partnership did not have any liabilities. During the current year, th partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest §1231 gain $ 684,000 511,000 186,000 2,800 3,100 7,100 On the last day of the year, the partnership distributed $4,100 each to Amir and Francesca. mprehensive Problem 09-81 Part 1 (Algo)

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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