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A and B are equal partners. They are both 22. B works 5 days a...

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Accounting

A and B are equal partners. They are both 22. B works 5 days a week in the business while A only works ok Saturdays. The income and expenses od the partnership are as follow

Income

Sales $230,000

Interest. $5,200

Expenses

Operating cost deductible under s8-1 $83,000

Staff salaries $50,000

Bs salary $53,000

As salary $8,000

Staff superannuation $4,500

Bs superannuation $12,000

As superannuation $450

Calculate the net income of the partnership, the partnership distribution of each partner and the taxable income of each partner

Assume further that B earned no income but A earned a salary of $56,000 from his full time job

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