A Partner Had the Following Items Reported on a Partnership

question 30

Multiple Choice

A partner had the following items reported on a partnership Schedule K-1: The partner's self-employment income for the year is:

• A)$64,500.
• B)$48,500.
• C)$32,500.
• D)$26,000.

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Definitions:

Cash Customer

A customer who pays for goods or services with cash at the time of purchase rather than buying on credit.

General Journal

A primary accounting record used to record all types of transactions before they are transferred to specific accounts in the general ledger.

Sales Tax

A government-imposed tax on the sale of goods and services, collected by the retailer and passed on to the government.

General Journal

A primary accounting record used to record all types of transactions before they are posted to the specific accounts in the ledger.