Bevo Partnership had the following financial activity for the year:
$$\begin{array} { l c }
\text { Gross receipts from sales } & \$ 860,000 \
\text { Cost of goods sold } & ( 390,000 ) \
\text { Operating expenses } & ( \mathbf { 1 8 0 , 0 0 0 } ) \
\text { Business meals and entertainment } & ( 20,000 ) \
\text { Section 1231 gain on equipment sale } & \mathbf { 5 , 0 0 0 } \
\text { Distribution to partners } & ( \mathbf { 7 5 , 0 0 0 } )
\end{array}$$

Question

Bevo Partnership had the following financial activity for the year:
 $$\begin{array} { l c } 
\text { Gross receipts from sales } & \$ 860,000 \
\text { Cost of goods sold } & ( 390,000 ) \
\text { Operating expenses } & ( \mathbf { 1 8 0 , 0 0 0 } ) \
\text { Business meals and entertainment } & ( 20,000 ) \
\text { Section 1231 gain on equipment sale } & \mathbf { 5 , 0 0 0 } \
\text { Distribution to partners } & ( \mathbf { 7 5 , 0 0 0 } )
\end{array}$$

Quizplus · Accepted Answer

The Answer of Bevo Partnership had the following financial activity for the year:
 $$\begin{array} { l c } 
\text { Gross receipts from sales } & \$ 860,000 \
\text { Cost of goods sold } & ( 390,000 ) \
\text { Operating expenses } & ( \mathbf { 1 8 0 , 0 0 0 } ) \
\text { Business meals and entertainment } & ( 20,000 ) \
\text { Section 1231 gain on equipment sale } & \mathbf { 5 , 0 0 0 } \
\text { Distribution to partners } & ( \mathbf { 7 5 , 0 0 0 } )
\end{array}$$

Bevo Partnership Had the Following Financial Activity for the Year