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A partnership has the following accounting amounts: Determine what the net income (loss) was for the partnership using the relevant data below. Sales = $70,000,
A partnership has the following accounting amounts: Determine what the net income (loss) was for the partnership using the relevant data below. Sales = $70,000, Cost of Goods Sold = $30,000, Operating Expenses = $10,000, Salary Allocations to Partners = $13,000, Interest paid to banks = $2,000, Interest allocated to Partners = $3,000, Partners withdrawals = $8,000
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