Social Work homework help
Use the financial data below to complete Form 1120.Show your income tax calculations.BADEC Corporation12/31/2016AssetsCash$485,600Computer$7,000AccDep-Computer$(1,745)Furniture$3,000AccDep-Furniture$(321)Land$50,000Total Assets$543,534LiabilitiesEquityRetained Earnings$53,534Stock-Anderson$50,000Stock-Bacon$150,000Stock-Cox$100,000Stock-Day$50,000Stock-Elders$40,000Stock-Fawcett$80,000Stock-Gonzalez$20,000Total Liabilities plus Equity$543,534Book InfoEntity Type:PartnershipSub-Entity Type:GeneralEntity Name:BADECState of FormationGeorgiaEntity Start Date4/2/2016Tax Year Start Date:4/2/2016Tax Year End Date:12/31/2016Book Maintained By:Andrew AndersonAddress:10 Sysco Way Atlanta, GA 30039Purpose of EntityAcquire, rehabilitate and resale residential real property.Allocation of Separately Stated Items (per Partnership Agreement)ItemInvestorPercentageInterest Income..Contributions..Contributions..Net Long-term Capital Gains (Losses)..Net Short-term Capital Gains (Losses)..Interest Income..Qualified Dividends..Unqualified Dividends..Real Estate/Housing Credits..Tax Exempt Interest Income Items..Tax Exempt Interest Income Items..Investor InfoFirst NameLast NameSSNAddressCityStateZipPartner InformationAndrewAnderson756-12-111110 Sysco WayAtlantaGA30039GeneralBillBacon756-12-222220 Sysco WayAtlantaGA30039GeneralCathyCox756-12-333330 Sysco WayAtlantaGA30039GeneralDorisDay756-12-444440 Sysco WayAtlantaGA30039GeneralElroyElders756-12-555550 Sysco WayAtlantaGA30039GeneralFarahFawcett756-12-666660 Sysco WayAtlantaGA30039GeneralGomezGonzalez756-12-777770 Sysco WayAtlantaGA30039GeneralContributionsInvestorContribution DateContribution 1Contribution 2Contribution 3Contribution 4Net ContributionsPartnership InterestFirst NameLast NameSSNItemValueItemValueItemValueItemValueAndrewAnderson756-12-11114/2/2016Cash$50,000$50,00010%BillBacon756-12-22224/2/2016Cash$150,000$150,00031%CathyCox756-12-33334/2/2016Cash$100,000$100,00020%DorisDay756-12-44444/2/2016Cash$50,000$50,00010%ElroyElders756-12-55554/2/2016Cash$40,000$40,0008%FarahFawcett756-12-66664/2/2016Cash$30,000Land$50,000$80,00016%GomezGonzalez756-12-77774/2/2016Cash$10,000Computer$7,000Furniture$3,000$20,0004%100%BADEC PartnershipBalance Sheet4/2/2016AssetsCash$ 430,000.0Computer 7,000.00Furniture 3,000.00Land 50,000.00 Total Assets$ 490,000.00LiabilitiesTotal Liabilities$ – Partners EquityCapital-Anderson$ 50,000.00Capital-Bacon 150,000.00Capital-Cox 100,000.00Capital-Day 50,000.00Capital-Elders 40,000.00Capital-Fawcett 80,000.00Capital-Gonzalez 20,000.00 Total Liabilities and Partners Equity$ 490,000.00Income StatementGross IncomeRepair Revenue$100,000.00Interest Income 600.00Dividends (Qualified) 2,000.00Net Short-term Capital Gain 5,000.00Total Income from all sources$107,600.00ExpensesGuaranteed payments$10,000.00Renovation Expense 5,500.00Rent 1,500.00Depreciaton expense 2,065.75Licenses 500.00Travel Expenses 800.00Supplies Expenses 700.00Net Long-term Capital Loss 10,000.00Charitable Contributions 5,000.00Total Expenses$36,065.75Net Income$71,534.25Badec PartnershipStatement of Change in Partners EquityFor Period Ending 12/31/2016Begin. Bal.ContributionsWithdrawalsAllocationsDistributionsEnding Bal.Capital-Anderson$ 50,000.00$ -Capital-Bacon 150,000.00 – Capital-Cox 100,000.00 – Capital-Day 50,000.00 – Capital-Elders 40,000.00 5,000.00 – Capital-Fawcett 80,000.00 6,000.00 – Capital-Gonzalez 20,000.00 7,000.00 – Ending Balance SheetBADEC PartnershipBalance Sheet12/31/2016AssetsCash$ 485,600.00Computer 7,000.00AccDep-Computer (1,745.21)Furniture 3,000.00AccDep-Furniture (320.55)Land 50,000.00 Total Assets$ 543,534.25LiabilitiesTotal Liabilities$ -Partners EquityCapital-Anderson$ 57,299.41Capital-Bacon 171,898.24Capital-Cox 114,598.83Capital-Day 57,299.41Capital-Elders 40,839.53Capital-Fawcett 85,679.06Capital-Gonzalez 15,919.77 Total Liabilities and Partners Equity$ 543,534.25