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Accounting

Required information
[The following information applies to the questions displayed below.]
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $18,700,
and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership
reports the following results:
What do you believe Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming
G&P is an LLC and Gary spends 2,000 hours per year working there full time?
$29,882.50 is incorrect
$18,700 is incorrect
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