THIS QUESTION REQUIRES AN ESSAY STYLE ANSWER Maddy and Maxie are running a coffee shop.. They agree that Maddy will receive a wage for operating the shop whilst Maxie will contribute $50,000 to finance the start up and the balance of the profits and losses thereafter is to be split 40% to Maddy and 60% to Maxie. The accounts for the year ended 30 June 2020 were as follows: Sale of Food and drinks received Cost of consumables Cost of rent Wages to Maddy $250,000 $80,000 $50,000 $40,000 There are no other relevant transactions. What is the net income of the partnership? (8 marks) What is the distribution from the partnership to Maddy? (8 marks) What is the taxable income of Maddy? (4marks) Your Answer Should Reference Relevant Legislation