- 10 - A. 1983 (& before) Commitments - $26,000 B. 1983, etc. receipts - $10,333 C. 1983, etc. still owed - $12,667 D. 1984 Commitments - $20,500 E. 1984 Receipts - $4,000 F. 1984 still owed - $16,500 Note: Principals will finish for above cash, or unsold Partnership equity, or a combination thereof. G. Raisable funds - 1985 $48,647 H. 1984 Expenditures 1. Greg Knox - Lab Research $8,733 (+1890) 2. Wayne Brickey - Lab Research - $5,600 3. Mike Jensen $7,374 [illegible] 4. Robert L. Montelius $6,700 programming for John On U.S. Partnership Returns of Income, Forms 1065, filed for 1982, 1983, and 1984, the partnership reported as “Cost of goods sold and/or operations” the amounts of $540,500, $218,000, and $123,000, respectively. The amounts were claimed to be “cost of labor” on the partnership returns. The balance sheets on the returns reflected the following balances: 1982 1983 1984 Cash $ 5,057 $ 14,912 $ 1,426 Other current assets-- notes receivable 85,860 19,723 14,500 Other assets-- notes receivable 454,583 175,833 102,500 Total assets $545,500 $210,468 $118,426 Accounts payable $540,500 $205,468 $113,426 Partners’ capital accounts 5,000 5,000 5,000 Total liabilities and capital $545,500 $210,468 $118,426Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011