Matthew is a 40% general partner in the calendar year, cash basis MKK Partnership (the other two partners are Kristen and Kaitlin). The partnership received $100,000 in revenue from performing services and paid the following amounts: $10,000 Rent expense Salary expense to employees Payment to Matt for services rendered, per the partnership agreement Payment Kaitlin for services rendered, per the partnership agreement Distributions to partners Kristen and Kaitlin (not Matthew), each What is Matthew's recognized gross income from the partnership? A) $8,000 B) $12,800 $32,000 D) $32,800. 30,000 20,000 8,000 12,000

Matthew is a 40% general partner in the calendar year, cash basis MKK Partnership (the other two partners are Kristen and Kaitlin). The partnership received $100,000 in revenue from performing services and paid the following amounts: $10,000 Rent expense Salary expense to employees Payment to Matt for services rendered, per the partnership agreement Payment Kaitlin for services rendered, per the partnership agreement Distributions to partners Kristen and Kaitlin (not Matthew), each What is Matthew's recognized gross income from the partnership? A) $8,000 B) $12,800 $32,000 D) $32,800. 30,000 20,000 8,000 12,000

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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