Partnership name: We are Partners, LLC Address: 8596 Black Rd, Green Bay, WI 54302 EIN: 39-1852673 Partnership formed: 01/01/2012 Business code: 315000 Account Account Name Debit Credit Name Debit Credit Checking 14,600 Checking 9,500 Property/Plant/Equipment 45,500 Property/Plant/Equipment 50,500 Accum. Deprec.-PP&E 20,000 Accum. Deprec.-PP&E 19,000 Accounts Payable 4,000 Accounts Payable 15,000 Drawing, Russ 5,000 Capital, Russ 13,000 Capital, Russ 13,000 Capital, Earl 13,000 Capital, Earl 13,000 Alterations Income 50,000 60,000 60,000 Sewing Income 20,000 Interest Income 100 Office Supplies Expense 2,000 Utilities Expense 7,000 Contact Labor Expense 5,000 Postage Expense 1,000 Equipment Expense 4,000 Guaranteed Payments (paid to Earl) 12,000 Meals Expense 1,000 Charitable Contributions 2,000 Fuel Expense (for vehicle) 5,000 Repairs/Maintenance Expense 5,000 Insurance Expense 8,000 Depreciation Expense 3,000 . 120,100 120,100 Trial Balance End of Year Trial Balance Beginning of Year Project 2 is worth 100 points. Neatness and orderliness will count for 10% of the grade. There is ample time to complete the project well in advance of the due date. Do not procrastinate getting started on this project. No late project will be accepted for ANY REASON . You may use your book, class notes and handouts, or other IRS tax materials to complete this project. However, no other resources such as other individuals, tax software or lab instructors may assist you in completing the project. PARTNERSHIP PROJECT Name:_______________________ Due Date:_____________________ Partnership Agreement: Date Date Sales Assets Cost Purchased Sold Price Russ Wiles - 55% partner 859-74-8598 Office Furniture 12,000.00 2/7/2015 4565 Black Rd Computer 2,500.00 5/25/2016 12/31/2021 500.00 Green Bay, WI 54302 Equipment 14,000.00 10/1/2016 11/15/2021 1,500.00 Vehicle 22,000.00 6/1/2017 Earl Pearl - 45% partner Equipment 8,400.00 2/1/2021 874-96-8748 Computer 3,000.00 11/1/2021 525 Arrow Rd Green Bay, WI 54302 (also received $12,000 guaranteed payment)