Bevo Partnership had the following financial activity for the year:
Gross receipts from sales $\quad$$\quad$$\quad$$\quad$ $ 860,000
Cost of goods sold $\quad$$\quad$$\quad$$\quad$$\quad$ $\quad$ (390,000 )
Operating expenses $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ (180,000 )
Business meals and entertainment $\quad$$\quad$(20,000 )
Section 1231 gain on equipment sale $\quad$$\quad$5,000
Distribution to partners $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$(75,000 )
Compute Bevo's ordinary business income for the year and indicate which items must be separately stated.

Question

Bevo Partnership had the following financial activity for the year:
Gross receipts from sales $\quad$$\quad$$\quad$$\quad$ $ 860,000 
Cost of goods sold $\quad$$\quad$$\quad$$\quad$$\quad$ $\quad$ (390,000 )
Operating expenses $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ (180,000 )
Business meals and entertainment $\quad$$\quad$(20,000 )
Section 1231 gain on equipment sale $\quad$$\quad$5,000 
Distribution to partners $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$(75,000 )
Compute Bevo's ordinary business income for the year and indicate which items must be separately stated.

Quizplus · Accepted Answer

The Answer of Bevo Partnership had the following financial activity for the year:
Gross receipts from sales $\quad$$\quad$$\quad$$\quad$ $ 860,000 
Cost of goods sold $\quad$$\quad$$\quad$$\quad$$\quad$ $\quad$ (390,000 )
Operating expenses $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ (180,000 )
Business meals and entertainment $\quad$$\quad$(20,000 )
Section 1231 gain on equipment sale $\quad$$\quad$5,000 
Distribution to partners $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$(75,000 )
Compute Bevo's ordinary business income for the year and indicate which items must be separately stated.

Bevo Partnership Had the Following Financial Activity for the Year \quad

Bevo Partnership Had the Following Financial Activity for the Year $\quad$