Simpco Partnership Has Gross Operating Revenue of $450,000, Cost of Sales

question 77

Essay

Simpco Partnership has gross operating revenue of $450,000, cost of sales of $150,000, salaries to employees of $40,000, a $25,000 Section 179 expense deduction, $10,000 of other depreciation, interest income of $2,000, a $4,000 capital loss, and a $500 charitable contribution deduction. What are the partnership's bottom line net income and its separately stated items?

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Definitions:

Condyle

A rounded protuberance at the end of some bones, forming an articulation with another bone.

Osteoblasts

Cells responsible for bone formation, playing a crucial role in bone growth and repair.

Achondroplasia

A genetic disorder affecting bone growth, leading to dwarfism due to shortening of the limbs but with a normal-sized torso.

Cartilage

A flexible, connective tissue found in various forms in the body, including the joints, ear, and nose.