Form Ar1050 - Partnership Income Tax Return - 2016 Page 2
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1
2PTPT162
A. Check method of accounting
Cash
Accrual
Other: (Specify) _____________________________________
B. Are any partners in this partnership also partnerships? ........................................................................................................
Yes
No
C. Is this partnership a partner in another partnership? .............................................................................................................
Yes
No
SCHEDULE A:
COST OF GOODS SOLD
00
1.
Inventory at beginning of year: .............................................................................................................................................. 1
00
2.
Purchases less cost of items withdrawn for personal use: .................................................................................................... 2
00
3.
Cost of labor: ......................................................................................................................................................................... 3
00
4.
Other costs: ........................................................................................................................................................................... 4
00
5.
Total of Lines 1, 2, 3, and 4:................................................................................................................................................... 5
00
6.
Inventory at end of year: ........................................................................................................................................................ 6
00
7.
Cost of goods sold. Subtract Line 6 from Line 5. (Enter here and on Line 2, page 1): .......................................................... 7
8a. Check all methods used for valuing closing inventory:
(i)
Cost
(ii) Lower of cost or market
(iii) Other: (Specify method used and attach explanation) ____________________________
b. Check this box if there was a writedown of “subnormal” goods. ..............................................................................................................8b
c. Check this box if the LIFO Inventory Method was adopted this tax year for any goods (If checked, attach IRS Form 970) .................... 8c
d. Do the rules of IRC Section 263A (for property produced or acquired for resale) apply to the partnership? ...........................8d
Yes
No
e. Were there any changes in determining quantities, cost, or valuations between opening and closing inventories?
(If yes, attach explanation) .......................................................................................................................................................8e
Yes
No
SCHEDULE B:
BALANCE SHEET
ASSETS
BEGINNING OF YEAR
END OF YEAR
Cash
Accounts Receivable .........................................................
Minus allowance for bad debts........................................
Inventories .........................................................................
Government obligations .....................................................
Other current assets ..........................................................
Mortgage and real estate loans .........................................
Other investments ..............................................................
Buildings and other depreciable assets .............................
Minus accumulated depreciation.....................................
Depletable assets ..............................................................
Minus accumulated depletion..........................................
Other assets ......................................................................
TOTAL ASSETS .............................................................
LIABILITIES AND CAPITAL
BEGINNING OF YEAR
END OF YEAR
Accounts Payable ..............................................................
Mortgages, notes, and bonds payable ...............................
Other current liabilities .......................................................
All non recourse loans .......................................................
Other liabilities ...................................................................
Partners’ capital accounts ..................................................
TOTAL LIABILITIES AND CAPITAL .........................
Mail return to: State Income Tax, P. O. Box 8056, Little Rock, AR 72203-8056
AR1050 Back (R 10/21/2015)
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