The following are the accounts and balances in the books of a certain partnership: Sales 700,000 Partners’ salaries 130,000 Cost of Sales 400,000 Partners’drawings 80,000 Operating Expenses 100,000 Interest paid to banks 20,000 What is the partnership net income/(loss)?

The following are the accounts and balances in the books of a certain partnership: Sales 700,000 Partners’ salaries 130,000 Cost of Sales 400,000 Partners’drawings 80,000 Operating Expenses 100,000 Interest paid to banks 20,000 What is the partnership net income/(loss)?

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

The following are the accounts and balances in the books of a certain partnership:

Sales 700,000 Partners’ salaries 130,000
Cost of Sales 400,000 Partners’drawings 80,000
Operating Expenses 100,000 Interest paid to banks 20,000

What is the partnership net income/(loss)?

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