West Partnership had the following items for the current year: Income from clients $300,000 Repairs 10,000 Depreciation
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Question:
West Partnership had the following items for the current year:
- Income from clients $300,000
- Repairs 10,000
- Depreciation $7,000
- Dividends on common stock 5,000
- Other operating expenses 156,000
- Charitable contributions 8,000
- Sec. 1231 gain on sale of office furniture 11,000
- Sec. 1245 gain on sale of office furniture 17,000
What is West's ordinary income?
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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