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How much is the partnership income and loss

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Reference no: EM133106756

Question - The trial balance showed the following amounts at period end:

Sales - P700,000

Sales discounts - P20,000

Purchases - P480,000

Freight in - P30,000

Freight out - P12,000

Merchandise Inventory, ending - P150,000

Salaries to partners - P60,000

Partners' drawings - P50,000

Advertisement expenses - P26,000

Other operating expenses - P15,000

Income tax - 30%

Required - How much is the partnership income and loss?

a. 76,900

b. 94,900

c. 126,900

d. 144,900

e. 186,900

f. 267,000

g. Answer not given

Reference no: EM133106756

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