Essay
Simpco Partnership has gross operating revenue of $450,000, cost of sales of $150,000, salaries to employees of $40,000, a $25,000 Section 179 expense deduction, $10,000 of other depreciation, interest income of $2,000, a $4,000 capital loss, and a $500 charitable contribution deduction. What are the partnership's bottom line net income and its separately stated items?
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$450,000 - $150,000 - $40,000 - $10,000 ...View Answer
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