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Brad and Angelina are equal partners in a general partnership. Their partnership agreement calls for guaranteed payments of $10,000 to Brad and $20,000 to Angelina,
Brad and Angelina are equal partners in a general partnership. Their partnership agreement calls for guaranteed payments of $10,000 to Brad and $20,000 to Angelina, with profits and losses divided equally. For the current year, the partnership reports the following: Income from clients $200,000 Employee Wages 50,000 Office Expenses 30,000 Rent Expense 20,000 What amount of income does Brad report from the partnership for the year? $55,000 $60,000 $45,000
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