Suz-Anna is an partnership with two equal partners, Suzy and Anna. This year, Suz-Anna recorded the following items of income and expense: Sales revenue $ 500,000 Interest income 6,000 Long-term capital gain 10,000 Cost of goods sold (250,000) Salary and wages (75,000) Other operating expenses (55,000) Suz-Anna distributed $25,000 to each of its partners during the year. If Suzy has no other sources of income, what is her gross income for the year? Answer with workings
Suz-Anna is an partnership with two equal partners, Suzy and Anna. This year, Suz-Anna recorded the following items of income and expense: Sales revenue $ 500,000 Interest income 6,000 Long-term capital gain 10,000 Cost of goods sold (250,000) Salary and wages (75,000) Other operating expenses (55,000) Suz-Anna distributed $25,000 to each of its partners during the year. If Suzy has no other sources of income, what is her gross income for the year? Answer with workings
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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Question
Suz-Anna is an
| Sales revenue | $ 500,000 |
|---|---|
| Interest income | 6,000 |
| Long-term |
10,000 |
| Cost of goods sold | (250,000) |
| Salary and wages | (75,000) |
| Other operating expenses | (55,000) |
Suz-Anna distributed $25,000 to each of its partners during the year. If Suzy has no other sources of income, what is her gross income for the year?
Answer with workings
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