AT Pet Spa is a partnership owned equally by Travis and Ashley.The partnership had the following revenues and expenses this year.Which of the following items are separately stated? Nonseparately stated? What is each partner's distributive share of ordinary income? 
Definitions:
Perfectly Competitive Industry
An industry in which no single producer can influence the market price of the product because the conditions of perfect competition are met.
Economic Resources
Assets or inputs that contribute to the production of economic goods, including land, labor, capital, and entrepreneurship.
Economic Profits
Profits calculated by subtracting both explicit and implicit costs from total revenue, capturing the true economic value created.
Opportunity Costs
A concept in economics that describes the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.
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