A partnership has the following accounting amounts: Sales = $70,000 Cost...
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Accounting
- A partnership has the following accounting amounts:
- Sales = $70,000
- Cost of goods sold = $40,000
- Operating expenses = $10,000
- Salary allocations to partners = $13,000
- Interest paid to banks = $2,000
- Partners withdrawals = $8,000
Partnership net income (loss) is:
- $20,000.
- $18,000.
- $5,000.
- $(3,000).
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