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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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Order Paper NowGain 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
