Required Information The following Information applies to the questions displaye

Question

Required Information The following Information applies to the questions displayed below.] Turtle Creek Partnershlp had the following revenues, expenses. galns, losses, and distributions: Part 1 ofz polnts Long-tem capital gains Cost of goods sold Depreciation-McRS Anortization of organization costs Guaranteed payments to partners for general anagenent Cash distributions to partners 2,100 $(16, 600) $ (4,000) $ (1,190) $(17,300) $ (3,300) eBook Print a. Glven these ltems, what Is Turtle Creek's ordlnary business Income (loss) for the year? ncome

Explanation / Answer

Sales revenue - 53,500

Less:

Cost of goods sold- (16,600)

Depreciation-MACRS (4,000)

Amortisation. (1,190)

Guaranteed payment. (17,300)

Ordinary business income =14,410   

(53,500-39,090=14,410)

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