GFH Decorators is a calendar year partnership that specializes in home interior design. GFH Decorators income and expenses for the current year are provided in the exhibit. Based on the information provided, complete the Schedule K-1 for Fred, a 30 percent partner, in the table below. Enter all amounts as positive whole values. If an amount is zero, enter a zero (0). 1. Ordinary business income (loss) 2. MACRS depreciation 3. Guaranteed payments 4. Ordinary dividends 5. Net short term capital gan (loss) 6. Net long term capital gan (loss) GFH Decorators Current Year Income and Expenses: - Fee revenue $600,000 - Dividend income $ 2,000 - Capital gain (long-term) $10,000 - Charitable contributions ($ 500) - Employee salaries ($75,000) - Guaranteed payments to partners* ($75,000) - MACRS depreciation ($3,000) * Guaranteed payments paid to each partner based on ownership percentage

GFH Decorators is a calendar year partnership that specializes in home interior design. GFH Decorators income and expenses for the current year are provided in the exhibit. Based on the information provided, complete the Schedule K-1 for Fred, a 30 percent partner, in the table below. Enter all amounts as positive whole values. If an amount is zero, enter a zero (0). 1. Ordinary business income (loss) 2. MACRS depreciation 3. Guaranteed payments 4. Ordinary dividends 5. Net short term capital gan (loss) 6. Net long term capital gan (loss) GFH Decorators Current Year Income and Expenses: - Fee revenue $600,000 - Dividend income $ 2,000 - Capital gain (long-term) $10,000 - Charitable contributions ($ 500) - Employee salaries ($75,000) - Guaranteed payments to partners* ($75,000) - MACRS depreciation ($3,000) * Guaranteed payments paid to each partner based on ownership percentage

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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subject:accounting
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