Question

Eileen and Sarah begin the bean Buzz Coffee Shop in 2016 as equal partners. In 2018, their Financial records included the following:
$113,582 in gross receipts
$30,467 in purchases
$3,042 in beginning inventory
$2,788 in inventory at the end of 2018 $21,594 in salaries for the Baristas
$6,429 in general supplies
$846 for business insurance
$3,599 for new office desk purchased on July 1st, 2018 for which they did not elect bonus depreciation or a Section 179 deduction.
Eileen and Sarah did not take any distributions for 2018. However, they each have a guaranteed payment as a result of the capital they contributed. Eileen receives $10,000 and Sarah receives $12,000. What is the amount included in box 14 of Eileen's schedule K-1? What does in the amount included in box 14 of Sarah's schedule K-1?

Answer 1

ANSWER

Schedule K-1,Box 14,Eileen-$25739,Sara-$27,739

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