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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

13. The partnership has the following accounting amounts:
Sales
70,000 Interest paid to banks
2,000
Cost of goods sold
40,000 Partners' withdrawals
8,000
Operating expenses
10,000 Salary allocations to partners
13,000
The partnership net income (loss) is:
C. 5,000
D. (3,000)
А. 20,000
В. 18,000

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