Go to the Buckeye Partners, L.P., website where forms filed with the SEC are available through the...

Question

Go to the Buckeye Partners, L.P., website where forms filed with the SEC are available through the Investor Center. Find Buckeye's recent annual financial statements in their 10-K report for the partnership. Review Buckeye's financial statements as well as the accompanying notes. List and briefly discuss information included for this partnership that would typically not appear in financial statements produced for a corporation.

This case deals with the accounting for partnerships. Partnerships is one of the most common business organizations that CPAs encounter in their career. As such, it is imperative to know the intricate details of this entity type to become a successful accountant. Pay particular attention to the difference in financial reporting between partnerships and corporations.

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Information Included in Buckeye Partners, L.P.'s Financial Statements that Differs from Corporations
Student Name
19th Apr 2023
Introduction:
A publicly traded partnership called Buckeye Partners, L.P. works in the midstream energy industry and focuses on the distribution, storage, and transportation of petroleum products. The Securities and Exchange Commission (SEC) recently received Buckeye Partners, L.P.'s 10-K report, which contains its annual financial statements and related notes. The financial statements and notes of Buckeye, as a partnership, include information that is exclusive to partnerships and does not generally appear in financial statements prepared for corporations. This essay will go over the partnership-specific information found in Buckeye's financial statements and notes.
Information Included in Financial Statements and Notes for Partnerships and note in the statements of Corporations:
1. Partner's Capital Account
In contrast to a corporation, Buckeye Partners, L.P.'s partnership structure includes partners rather than shareholders. This means that information specific to partnerships is included in the financial statements and notes for Buckeye.

Go to the Buckeye Partners, L.P., website where forms filed with the SEC are available through the Investor Center. Find Buckeye's recent annual financial statements in their 10-K report for the...

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