9206

J. Bean and D. Counter formed a partnership. During the current year, the partnership had the following income and expenses:

Gross income from operations

$135,000

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Gain on sale of antique abacus (a business asset)

$ 4,000

Interest income from business bank account

?

$ 100

?

Deductions:

Salaries to employees

$ 65,000

Payroll taxes

$ 6,000

Rent

$ 8,000

Depreciation

$ 3,500

Contribution to United Way charity

$ 2,000

?

?

Distributions to the partners

$ 40,000