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 . . . . . .