FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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:
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
C) $32,000
D
$32,800.
$10,000
30,000
20,000
8,000
12,000
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Transcribed Image Text: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: 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 C) $32,000 D $32,800. $10,000 30,000 20,000 8,000 12,000
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