The Partnership of Truman and Hanover Realized the Following Items

question 35

Multiple Choice

The partnership of Truman and Hanover realized the following items of income during the year ended December 31, 2016: Both the partners are on a calendar year basis. What is the total income which should be reported as ordinary income from business activities of the partnership for 2016?

• A)$0
• B)$65,000
• C)$69,000
• D)$71,000
• E)None of the above

---

Definitions:

Credit Hours

Units of academic credit that reflect the number of hours a student has engaged with a course each week over a semester.

Financial Aid

Assistance provided to students in the form of scholarships, grants, loans, or work-study programs, intended to support their education expenses.

Financial Aid

Monetary support intended to help students pay for educational expenses such as tuition, room and board, books, and fees.

Every Year

Occurring once annually; used to describe events or processes that happen or are required at intervals of one calendar year.