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A partnership has the following accounting amounts: (1) Sales = $70,000 (2) Cost of Goods Sold = $40,000 (3) Operating Expenses = $10,000 (4) Salary
A partnership has the following accounting amounts: (1) Sales = $70,000 (2) Cost of Goods Sold = $40,000 (3) Operating Expenses = $10,000 (4) Salary allocations to partners = $13,000 (5) Interest paid to banks = $2,000 (6) Partners' withdrawals = $8,000 Partnership net income (loss) is A. $20,000 B. $18,000 C. $5,000 D. $(3,000)
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Financial and Managerial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
3rd edition
978-1-119-3916, 1119392132, 1119392136, 9781119391609, 1119391601, 978-1119392132
