Can you tell me from the financial report below if there is merchant card and th

ID: 2712226 • Letter: C

Question

Can you tell me from the financial report below if there is merchant card and third party payment, dividends and/or interest expense? If so how much for each?

Tina Richards and Jim Ward are partners in a partnership that own and operate a store. The partnership's first year of operation is 2014. Tina and Jim divided income and expenses equally.

Income: Gross income: $371,6000 Deductions: Salaries to employees: 94,000 Payroll taxes: 10,000 Supplies: 9,000 Rent: 45,000 Depreciation; 5,100 Short-term capital loss: 2,000 Charitable contributions: 500 Net income: 206,000 Prtners' withdrawls (each partner): 80,000 Balance Assets: Cash: 100,850 Accounts recievable: 10,000 Equipment: 32,000 Accum. depreciation: -5,100 Total: $137,750 Liabilities ad Capital: Accounts payable: 29,750 Notes payable: 22,000 Partners' capital ($20,000 contributed by each partner): 86,000 Total: $137,750

Explanation / Answer

The third party payment or interest or dividend expense is as follows:

Particulars

Amount($)

Gross income

371,600

Less:

Non-operating expense:

Salaries to employees

94,000

Payroll taxes

10,000

Supplies

9,000

Rent

45,000

Depreciation

5,100

Net income as per computation

208,500

Net income given

206,000

Interest or dividend expense

2,500