AutoSave Off Document1 - Word File Home Insert Draw Design Layout Page 1 of 4 1188 words 40F Mostly sunny References Mailings Search (Alt+Q) Review View Help On January 1, 2009, two enterprising men in the community, Jake Johnson and Sam "Swiss" Stillwell, anticipated a boom in the local construction industry. They decided to sell their small businesses and pool their resources as general partners in establishing a retail outlet for lumber and other building materials, including a complete line of specialty hardware for prefab tree houses. Their general partnership was officially formed under the name of Aurora Building Supply and soon became a thriving business. ABS is located at 2174 Progress Ave., Aurora, Illinois 60503. ABS's Employer Identification Number is 91-3697984. ABS's business activity is retail construction. Its business activity code is 444190. Both general partners are active in the management of ABS. Jake Johnson's Social Security number is 500-23-4976. His address is 31 W. Oak Drive, Aurora, Illinois 60503. Sam Stillwell's Social Security number is 374-68-3842. His address is 947 E. Linder Street, Aurora, Illinois 60503. His phone number is 779-555-5555. Sam Stillwell is designated in the partnership agreement as the Partnership Representative for tax purposes. ABS uses the accrual method of accounting and has a calendar year-end. The following is ABS's 2021 income statement: ABS Income Statement For year ending December 31, 2021 Sales (on account) Less: Sales returns Cost of goods sold $410,000 - 20,000 $390,000 -150,000 $240,000 Gross profit on sales Operating expenses Salaries and wages (including partners' guaranteed payments) $79,000 Property taxes 1,600 Payroll taxes 2,450 Depreciation and 179 expense 40,062 Advertising 2,000 Bad debt expense 3,850 Office expense 1,800 Repairs 2,150 Miscellaneous 450 Fire insurance 4,850 138,212 Text Predictions: On Accessibility: Investigate W Desi Hurley DH Comments Share Focus + 90% 11:59 PM 5/2/2022