Capital
When do you roll capital?
a) first
What is the main file for an entity in GFR?
A file
What financial statement shows a company’s position at a specific point in time?
Balance sheet
How do you reconcile book income to taxable income on Form 1065?
Use Schedule M-1 for reconciliation if the partnership has < $250,000 in total receipts and assets; larger entities may need M-3.
Assets= Liabilities + equity is known as the?
Accounting Equation
If Capital doesn’t roll, where should you look first?
equity accounts
You should only work on returns that have been routed to you under what step?
Preparation
What financial statement shows summary of the income statement and balance sheet?
Trial Balance
How are nonrecourse liabilities allocated on the partnership return?
Generally in accordance with each partner’s share of profits unless otherwise stated in the agreement.
What is a company’s most liquid asset?
-Cash
-Accounts receivable
-Income
-Capital
Cash
What should Capital rollforward equal?
CY Equity
What should the document type be when indexing PBC documents in GFR?
Workpapers
What is a company's most liquid asset?
cash
Which form must a partnership file to request an extension?
Form 7004
If you need help, what do you do first?
Look in PY
The owner's investment in the business is known as what?
Capital
Where do you find PBC docs?
Clientflow
Revenues have a normal what balance?
credit
What is a non-recourse liability?
No partner is personally liable. Generally allocated based on profit-sharing ratios unless special allocations are made.
What does Lana know?
Everything
How do you roll Capital?
(sum of equity accounts)- PYTR Page 6 Line 21D -contributions+ distributions
In what order do you do work that has been routed to you?
FIFO
When you pay cash for an expense, what would you do to the cash account to change the balance?
Credit
What does the M-3 schedule require that M-1 does not?
A more detailed reconciliation between book and tax income, including income/loss items by source (e.g., related parties, foreign entities).
How quickly should you respond to managers?
Within an hour