Bevo Partnership Had the Following Financial Activity for the Year $\quad$

question 66

Essay

Bevo Partnership had the following financial activity for the year:
Gross receipts from sales $\quad$$\quad$$\quad$$\quad$ $ 860,000
Cost of goods sold $\quad$$\quad$$\quad$$\quad$$\quad$ $\quad$ (390,000 )
Operating expenses $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ (180,000 )
Business meals and entertainment $\quad$$\quad$ (20,000 )
Section 1231 gain on equipment sale $\quad$$\quad$ 5,000
Distribution to partners $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ (75,000 )
Compute Bevo's ordinary business income for the year and indicate which items must be separately stated.

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Definitions:

Amino Group

A functional group consisting of a nitrogen atom attached by single bonds to hydrogen atoms, alkyl groups, or aryl groups.

Amino Acid

Organic compounds containing an amine group, a carboxylic acid group, and a side chain that varies between different amino acids, key building blocks of proteins.

Aspartic Acid

One of the 20 common amino acids in proteins, with a carboxylate side chain, making it acidic and polar.

Succinic Acid

A dicarboxylic acid with the chemical formula C4H6O4, used in the manufacture of pharmaceuticals, food additives, and biodegradable polymers.