Question
Wilson Brothers partnership has the following income and expense items: Gross receipts $500,000 Cancellation of debt 15,000 Royalties 40,000 Employee benefit programs 20,000 Retirement plans
Wilson Brothers partnership has the following income and expense items: Gross receipts
$500,000
Cancellation of debt
15,000
Royalties
40,000
Employee benefit programs
20,000
Retirement plans
100,000
Cost of goods sold
200,000
What is the nonseparately stated ordinary business income of the partnership?
a) $200,000
b) $180,000
c) $215,000
d) $220,000
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Managerial Accounting
Authors: James Jiambalvo
3rd Edition
0470038152, 978-0470038154
