Question
K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has income for the year of $58,800 before guaranteed payments. Guaranteed
K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has income for the year of $58,800 before guaranteed payments. Guaranteed payments of $35,280 are paid to Kai during the year. Calculate the amount of income that should be reported by Kai and Taonga from the partnership for the year.
| Kai should report income of: | $fill in the blank 1 |
| Taonga should report income of: | $fill in the blank 2 |
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
978-0071051507
