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You are to complete the balance sheet information portion of each tax return. Obtain the financia... You are to complete the balance sheet information portion of each tax return. Obtain the financial statements from the case of your portfolio option. You will also use the tax return template included under that same option.

BADEC Partnership
12/31/2016
Assets
	Cash		$ 485,600
	Computer		$ 7,000
	AccDep-Computer		$ (1,745)
	Furniture		$ 3,000
	AccDep-Furniture		$ (321)
	Land		$ 50,000
	Total Assets		$ 543,534
Liabilities
Equity
	Capital-Anderson		$ 57,299
	Capital-Bacon		$ 171,898
	Capital-Cox		$ 114,599
	Capital-Day		$ 57,299
	Capital-Elders		$ 40,840
	Capital-Fawcett		$ 85,679
	Capital-Gonzalez		$ 15,920
	Total Liabilities plus Equity		$ 543,534 Andrew Anderson 756-12-1111 4/2/2016 Cash $50,000 $50,000 10% Bill Bacon 756-12-2222 4/2/2016 Cash $150,000 $150,000 31% Cathy Cox 756-12-3333 4/2/2016 Cash $100,000 $100,000 20% Doris Day 756-12-4444 4/2/2016 Cash $50,000 $50,000 10% Elroy Elders 756-12-5555 4/2/2016 Cash $40,000 $40,000 8% Farah Fawcett 756-12-6666 4/2/2016 Cash $30,000 Land $50,000 $80,000 16% Gomez Gonzalez 756-12-7777 4/2/2016 Cash $10,000 Computer $7,000 Furniture $3,000 $20,000 4% 100%

BADEC Partnership
4/2/2016
Assets
	Cash		$ 430,000
	Computer		$ 7,000
	Furniture		$ 3,000
	Land		$ 50,000
	Total Assets		$ 490,000
Liabilities
Equity
	Capital-Anderson		$ 50,000
	Capital-Bacon		$ 150,000
	Capital-Cox		$ 100,000
	Capital-Day		$ 50,000
	Capital-Elders		$ 40,000
	Capital-Fawcett		$ 80,000
	Capital-Gonzalez		$ 20,000
BADEC Partnership Gross Income 04/02/2016 - 12/31/2016 Repair Revenue $100,000 Interest Income $600 Dividends (Qualified) $2,000 Net Short-term Capital Gain $5,000 Total Income from all sources $107,600 Expenses Guaranteed payments $10,000 Renovation Expense $5,500 Rent $1,500 Depreciaton expense $2,066 Licenses $500 Travel Expenses $800 Supplies Expenses $700 Net Long-term Capital Loss $10,000 Charitable Contributions $5,000 Total Expenses $36,066 Net Income $71,534	Total Liabilities plus Equity		$ 490,000

Schedule L Balance Sheets per Books Beginning of tax year End of tax year Assets (a) ( b) (c) (d) 1 Cash . . . . . . . . . . . . . 2a Trade notes and accounts receivable . . . b Less allowance for bad debts . . . . . 3 Inventories . . . . . . . . . . . 4 U.S. government obligations . . . . . 5 Tax-exempt securities . . . . . . . 6 Other current assets (attach statement) . . 7a Loans to partners (or persons related to partners) b Mortgage and real estate loans . . . . 8 Other investments (attach statement) . . . 9a Buildings and other depreciable assets . . b Less accumulated depreciation . . . . 10a Depletable assets . . . . . . . . . b Less accumulated depletion . . . . . 11 Land (net of any amortization) . . . . . 12a Intangible assets (amortizable only) . . . b Less accumulated amortization . . . . 13 Other assets (attach statement) . . . . 14 Total assets . . . . . . . . . . . Liabilities and Capital 15 Accounts payable . . . . . . . . . 16 Mortgages, notes, bonds payable in less than 1 year 17 Other current liabilities (attach statement) . 18 All nonrecourse loans . . . . . . . . 19a Loans from partners (or persons related to partners) b Mortgages, notes, bonds payable in 1 year or more 20 Other liabilities (attach statement) . . . . 21 Partners capital accounts . . . . . . 22 Total liabilities and capital . . . . . .

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