Question
During the current year, MAC Partnership reported the following items of receipts and expenditures: Sales $600,000 Utilities and rent 80,000 Salaries to employees 200,000 Guaranteed
During the current year, MAC Partnership reported the following items of receipts and expenditures:
Sales $600,000
Utilities and rent 80,000
Salaries to employees 200,000
Guaranteed payment to partner Antonio 20,000
Investment interest income 4,000
Charitable contribution 8,000
Distribution to partner Carl 30,000
Antonio is a 25% general partner.
a. Based on this information, what is the amount of Antonios nonseparately stated income?
b. Based on this information, what is the amount and nature of each item of separately stated income for Antonio?
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Modern Auditing And Assurance Services
Authors: Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson
6th Edition
1118615247, 9781118615249
