Partnership net income problem, Accounting Basics

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Partnership net income problem

A partnership has the following accounting amounts:

(1) Sales = $70,000
(2) Cost of Goods Sold = $40,000
(3) Operating Expenses = $10,000
(4) Salary allocations to partners = $13,000
(5) Interest paid to banks = $2,000
(6) Partners' withdrawals = $8,000

Partnership net income (loss) is

A. $20,000

B. $18,000

C. $5,000

D. $3,000

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Accounting Basics: Partnership net income problem

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Accounting Basics: Partnership net income problem

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