Manny,a 15 Percent Partner,Moe,a 30 Percent Partner,Jack,a 50 Percent Partner,and

Manny,a 15 percent partner,Moe,a 30 percent partner,Jack,a 50 percent partner,and Henry,a 5 percent partner,own an auto repair shop together.During 2011,Manny and Moe work in the shop and receive guaranteed payments of $40,000 and $20,000 respectively.Before the guaranteed payment,the auto shop's 2011 net income was $160,000.Please choose the correct statement below.

A) Manny should report total income from the partnership of $40,000 for 2011.
B) Moe should report total income from the partnership of $30,000 for 2011.
C) Jack should report total income from the partnership of $80,000 for 2011.
D) Henry should report total income from the partnership of $5,000 for 2011.