Drake Software Evaluation Guide

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1 3 6 | R e v i e w Q u e s t i o n s P a r t 5 2 0 0 8 D R A K E S O F T W A R EANSWERS PART 51. The correct answer is b) retained earnings. This account acts as a balancing account for the return.a) is incorrect. Accounts payable is an asset account and the program doesn’t use this account tobalance.c) is incorrect. A cash account is an asset account and the program doesn’t use this account to balance.d) is incorrect. Capital stock is a liability account but it doesn’t function as a balancing account for theprogram.2. The correct answer is c) Schedule K, Other Information. The Principal Business Activity Code isentered on Schedule K along with the answers to various questions about the corporation.a) is incorrect. Screen 1 is used for general information about the corporation.b) is incorrect. Amounts for the state and local taxes and licenses are entered on this screen.d) is incorrect. This schedule is used for tax computation.3. The correct answer is d) M2, Retained Earnings. Distributions of cash, stock, and property areentered on the M2 screen.a) is incorrect. The M1 screen is used to reconcile income (or loss) per books with income (or loss) perreturn.b) is incorrect. Assets, not distributions, are entered on the L1.c) is incorrect. The Income and Deductions screens are used to enter income and deductions, notdistributions, for the corporation.4. The correct answer is b) PAGE UP. This takes to you the M1 screen.a) is incorrect. CTRL + D is for deleting a screen.c) is incorrect. END does not move you through the screens.d) is incorrect. ALT + END doesn’t do anything in the program.Drake Software Evaluation GuideCopyrighted Material
2 0 0 8 D R A K E S O F T W A R E P a r t n e r s h i p R e t u r n | 1 3 7Partnership ReturnThis chapter outlines the basic steps for preparing a Form 1065, or Partnership return, in Drake Software. Toview the completed return, open 400001813.PREPARING THE 1065 EVALUATION RETURNStart with a balanced set of books before attempting to complete a partnership return. Examine thepartnership books on page 157 before preparing the 1065 return.To begin entering data in the partnership evaluation return, create a new return.1. From the toolbar, select Open.2. In the data entry field, type the following EIN: 400001814. Click OK and then Yes to createa new return.3. Select the Partnership - 1065 option.4. Enter GATOR ROOFING in the Partnership Name field and click OK.___NOTEWhen opening and preparing a return, type all numbers without dashes(unless the number is negative), slashes, dollar signs, or commas. Ifselected on the Data Entry tab at Setup > Options, the SSN, EIN, date,phone, and ZIP code fields automatically display formatting in data entry.Toactivate or turn off this feature, go to Setup > Options Data Entry tab.GENERAL INFORMATIONThe Partnership General Information screen is opened. Begin preparing the return byentering the partnership’s general information. See Figure 85 on page 138.NameAddressFieldsZIP code 32611Gator Roofing1234 Lakeside StPhone 904-222-2222Principal business activityPrincipal product or serviceManufacturingRoofing*Principal business code number *238100Business start date 05122000Accounting Method**Resident state **0AccrualDataCopyrighted MaterialDrake Software Evaluation Guide
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