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Posted: November 30th, 2022
Holy Family University BUSINESS 101 A company has two partners: Partner A and Partner B.
A company has two partners: Partner A and Partner B. Both have 50% on gains, losses and capital. Partner A Partner BGains 50% 50% Losses 50% 50%Capital 50% 50%Initial InvestmentCash 20,000 -0-Cookie Machine -0- 20,000They went to the bank and got a credit line for the partnership totaling $20,000 which they used for operating cash flow.At the End of the year they have the following income and expenses:Revenue 65,000Cleaning Supplies 3,000Phone 2,000Interest Income 500Office expenses 1,000Dividend income from investment 400Section 179 Depreciation 5000Please compute the Partnershipâs taxable income that would be reported on Page 1 of form 1065.
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