1. 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:

1. $20,000.
2. $18,000.
3. $5,000.
4. $(3,000).