Martin and Joe are equal partners in Ferrell Company. For the current year, Ferrell Company reports the following items of income and expense: In addition to his Ferrell Company earnings, Martin has other income of $35,000. Included in the $35,000 is a $10,000 loss from the sale of land held as an investment. Martin's adjusted gross income is:
A) $162,000
B) $167,000
C) $172,000
D) $187,000
E) $192,000

Question

Martin and Joe are equal partners in Ferrell Company. For the current year, Ferrell Company reports the following items of income and expense:  In addition to his Ferrell Company earnings, Martin has other income of $35,000. Included in the $35,000 is a $10,000 loss from the sale of land held as an investment. Martin's adjusted gross income is:
A) $162,000 
B) $167,000 
C) $172,000 
D) $187,000 
E) $192,000

Quizplus · Accepted Answer

The Answer of Martin and Joe are equal partners in Ferrell Company. For the current year, Ferrell Company reports the following items of income and expense:  In addition to his Ferrell Company earnings, Martin has other income of $35,000. Included in the $35,000 is a $10,000 loss from the sale of land held as an investment. Martin's adjusted gross income is:
A) $162,000 
B) $167,000 
C) $172,000 
D) $187,000 
E) $192,000

Martin and Joe Are Equal Partners in Ferrell Company