Comprehensive Problem 09-80 Part 2 (Algo) c. Using the information generated in answering parts (a) and...

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Comprehensive Problem 09-80 Part 2 (Algo) c. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Prepare Form 1065. 1065 PG 1 Schedule K Schedule K1 Form 1065 Page 1. Form 1065 Department of the Treasury Internal Revenue Service A Principal business activity For calendar year 2021, or tax year beginning U.S. Return of Partnership Income 2021, ending Go to www.irs.gov/Form 1065 for instructions and the latest information. Name of partnership OMB No. 1545-0123 20 2021 D Employer identification number B Principal product or service Number, street, and room or suite no. If a P.O. box, see instructions. E Date business started Type or Print C Business code number City or town, state or province, country, and ZIP or foreign postal code F Total assets (see instructions) G Check applicable boxes: (1) Initial Return (2) Final Return H Check accounting method: (1) Cash (2) Accrual (3) Name Change (3) Other (specify) (4) Address Change (5) Amended Return Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year. J Check if Schedules C and M-3 are attached K Check if partnership: (1) Aggregated activities for section 465 at-risk purposes (2) Grouped activities for section 489 passive activity purposes Caution: Include only trade or business income and expenses on lines 1a through 22 below. See instructions for more information. 1a Gross receipts or sales b Returns and allowances c Balance. Subtract line 1b from line 1a 2 Cost of goods sold (attach Form 1125-A) 1a 1b 1c 2 3 Gross profit. Subtract line 2 from line 1c Income 3 Deductions 4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) 5 Net farm profit (loss) (attach Schedule F (Form 1040)) 6 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) 7 Other income (loss) (attach statement) 8 Total income (loss). Combine lines 3 through 7 9 Salaries and wages (other than to partners) (less employment credits) 10 Guaranteed payments to partners 11 Repairs and maintenance 12 Bad debts 13 Rent 14 Taxes and licenses 4 5 B 7 8 9 10 11 12 13 14 (see 15 Interest (see instructions) 15 instructions 16a Depreciation (if required, attach Form 4562) 16a for b Less depreciation reported on Form 1125-A and elsewhere on return 16b 16c limitations) 17 Denlation (Do not deduct oil and nas denlation 17 Comprehensive Problem 09-80 Part 2 (Algo) c. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Prepare Form 1065. 1065 PG 1 Schedule K Schedule K1 Form 1065 Page 1. Form 1065 Department of the Treasury Internal Revenue Service A Principal business activity For calendar year 2021, or tax year beginning U.S. Return of Partnership Income 2021, ending Go to www.irs.gov/Form 1065 for instructions and the latest information. Name of partnership OMB No. 1545-0123 20 2021 D Employer identification number B Principal product or service Number, street, and room or suite no. If a P.O. box, see instructions. E Date business started Type or Print C Business code number City or town, state or province, country, and ZIP or foreign postal code F Total assets (see instructions) G Check applicable boxes: (1) Initial Return (2) Final Return H Check accounting method: (1) Cash (2) Accrual (3) Name Change (3) Other (specify) (4) Address Change (5) Amended Return Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year. J Check if Schedules C and M-3 are attached K Check if partnership: (1) Aggregated activities for section 465 at-risk purposes (2) Grouped activities for section 489 passive activity purposes Caution: Include only trade or business income and expenses on lines 1a through 22 below. See instructions for more information. 1a Gross receipts or sales b Returns and allowances c Balance. Subtract line 1b from line 1a 2 Cost of goods sold (attach Form 1125-A) 1a 1b 1c 2 3 Gross profit. Subtract line 2 from line 1c Income 3 Deductions 4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) 5 Net farm profit (loss) (attach Schedule F (Form 1040)) 6 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) 7 Other income (loss) (attach statement) 8 Total income (loss). Combine lines 3 through 7 9 Salaries and wages (other than to partners) (less employment credits) 10 Guaranteed payments to partners 11 Repairs and maintenance 12 Bad debts 13 Rent 14 Taxes and licenses 4 5 B 7 8 9 10 11 12 13 14 (see 15 Interest (see instructions) 15 instructions 16a Depreciation (if required, attach Form 4562) 16a for b Less depreciation reported on Form 1125-A and elsewhere on return 16b 16c limitations) 17 Denlation (Do not deduct oil and nas denlation 17