- 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 $118,426
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Last modified: May 25, 2011