Question: Sophie and Anne carry on a partnership together with gross receipts for the current income year of $80,000. During the year, the following payments were

Sophie and Anne carry on a partnership together with gross receipts for the current income year of $80,000. During the year, the following payments were made: Purchases of trading stock $18,000 Wages to employees $10,000 Advances to Rachel $35,000 Lease payments on a car $4,000 It has been agreed that Sophie will receive 75% and Anne will receive 25% of the profits. Stock on hand at the beginning of the year was $3,000 and at the end of the year it was $3,400. The car was used 100% for business purposes. What is Sophie's assessable income? $48,400 $24,200 $36,300 $12,100

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