Susan Reed is a partner in Computer Works, a retail store. During the current year, she withdraws

Question:

Susan Reed is a partner in Computer Works, a retail store. During the current year, she withdraws $45,000 in cash from this business and takes for her personal use inventory costing $3,200. Her share of the partnership net income for the year amounts to $39,000. What amount must Reed report on her personal income tax return?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

Question Posted: