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W & A Payroll Service
On July 1, 1986, Fred and Bruce organized and promoted W & A
Payroll Service (W & A) as a general partnership. BBPA prepared
a schedule for cash receipts of W & A through March 31, 1988, and
a schedule of W & A's cash disbursements through June 30, 1988.
BBPA made adjusting journal entries as of January 1, 1987, and
January 1, 1988.
W & A was in substance similar to the earlier partnerships.
There were, however, some notable differences, chiefly the
absence of any checks or notes in the partnership's financial
transactions.
As with the previous partnerships, W & A used the calendar
year as its tax year and the cash method of accounting from its
inception until December 31, 1987. It also had the same address
as BBPA.
W & A had a bank account at the First Jersey Bank/South
(First Jersey) Bank, which was the payroll account. Andrew
Bryen, Fred's brother and a partner in W & A, was an authorized
signatory on the W & A payroll account at the First Jersey Bank.
Andrew has an eighth-grade education. He owns half of a meat
company, of which Fred was the vice president. With respect to
Fred's financial directives, Andrew "trusted anything Fred said,
and if he told me--if he sent something over for me to sign, I'd
sign it. I wouldn't even look at it. I'd just sign it." Andrew
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