Abdallah Khaled Hamed

Second Band – English Section

Partnership mid-term exam

 • https://www.sec.gov/Archives/edgar/data/805022/000080502219000011/bpl201810-k.htm

Partnership financial statements Corporation financial statements Distribution & Dividends

Income statement
The same income statement for them , reports revenues and expenses to match
between them to calculate net income.
Reports earning per unit attributable to Reports earning per share which attribute
partners after net income to common shares.
Its income is taxed one time. Its income is double taxed.
Statement of partners’ capital Statement of retained earnings
Reports each partner capital account and Reports retained earnings which increases in
shows items which decrease it ( Drawings, credit by (net income, prior adjustments for
net loss) and increase it ( net income, understatement of net income) , and decreases
contributions). in debit by (net loss, prior adjustments for
overstatement of net income).
Balance sheet
𝑨𝒔𝒔𝒆𝒕𝒔 𝑨𝒔𝒔𝒆𝒕𝒔
= 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 + 𝒑𝒂𝒓𝒕𝒏𝒆𝒓𝒔′ 𝒄𝒂𝒑𝒊𝒕𝒂𝒍 = 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 + 𝒔𝒕𝒐𝒄𝒌𝒉𝒐𝒍𝒅𝒆𝒓𝒔′ 𝒆𝒒𝒖𝒊𝒕𝒚
• Each partner has a separate capital • No separate equity account for each owner.
account. • Equity is reported at total balance.
Distribution paid to unitholders &
Dividend paid to stockholders.
EPU & EPS
Earning per unit attributable to Buckeye
L.P. & Earning per share attributable to
shareholders.
Partners’ capital & Stockholders’ equity
Buckeye partners, L.P. capital &
Stockholders equity.
Dividends & Drawings
Note that: selected accounts are
founded in Buckeye Partners, L.P.