Maria owns 20% of the Race Care Partnership ('RCP'). The partnership has the following items of income and expenses:
Sales : 350
Interest Income : 953
Wages : 583
Utilities : 155
How much ordinary business income/loss will Maria report from RCP?
Business Income :
Any income earned by the business which is related to the business and all the expenses will be deducted from te business in known as the business income and this will be taxed.
Answer and Explanation:
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Learn more about this topic:
from TECEP Principles of Financial Accounting: Study Guide & Test PrepChapter 16 / Lesson 8