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Maria owns 20% of the Race Care Partnership ('RCP'). The partnership has the following items of...

Question:

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:

Particulars Amount
Sales $350.00
Interest Income $953.00
Income A $1,303.00
Wages $583.00
Utilities $155.00
Expenses B $738.00
Buiness income $565.00
RCP @20% $113.00


Learn more about this topic:

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Extraordinary Items Effect on Income Statement

from TECEP Principles of Financial Accounting: Study Guide & Test Prep

Chapter 16 / Lesson 8
592

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