On January 1, 20X9, Mr

question 63

Essay

On January 1, 20X9, Mr. Blue and Mr. Grey each contributed $100,000 to form the B&G General Partnership. Their partnership agreement states that they will each receive a 50 percent profits and loss interest. The partnership agreement also provides that Mr. Blue will receive an annual $36,000 guaranteed payment. B&G began business on January 1, 20X9. For its first taxable year, its accounting records contained the following information:
The $3,000 of interest was paid on a $60,000 loan made to B&G by Key Bank on June 30, 20X9. B&G repaid $10,000 of the loan on December 15, 20X9. Neither of the partners received a cash distribution from B&G in 20X9.
Complete the following table related to Mr. Blue's interest in B&G partnership:

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Definitions:

Tuberculosis (TB)

A potentially serious infectious disease caused by the bacterium Mycobacterium tuberculosis, affecting mainly the lungs but can spread to other organs.

Ampule

A sealed glass container used to hold and preserve a sample, usually a liquid or solid, in a sterile environment.

Filter Needle

A needle equipped with a filter used to remove particulate matter from a solution before administration.

Intradermal Injection

A method of administering medication by injecting it into the dermis, the layer of skin directly beneath the epidermis.