Classifiy the partnership's items below as either ordinary business income or separately stated item. Sales $75,000 Ordinary Income/expense Cost of Goods Sold $50,000 Ordinary Income/expense Office Expenses $5,000 Ordinary income/expense Charitable Contributions $2,000 Separately Stated Item Dividend Income $5,000 Separately Stated Item 

Calculate ordinary Income ?

Answer rating: 100% (QA)

Based on the classification provided Sales 75000 Ordinary IncomeExpense Cost of Goods Sold ... View the full answer