Martin and Joe are equal partners in Ferrell Company.For the current year,Ferrell Company reports the following items of income and expense:
In addition to his Ferrell Company earnings,Martin has other income of $35,000.Included in the $35,000 is a $10,000 loss from the sale of land held as an investment.Martin's adjusted gross income is:
A)$162,000
B)$167,000
C)$172,000
D)$187,000
E)$192,000

Question

Martin and Joe are equal partners in Ferrell Company.For the current year,Ferrell Company reports the following items of income and expense:  ​
In addition to his Ferrell Company earnings,Martin has other income of $35,000.Included in the $35,000 is a $10,000 loss from the sale of land held as an investment.Martin's adjusted gross income is:
A)$162,000 
B)$167,000 
C)$172,000 
D)$187,000 
E)$192,000

Quizplus · Accepted Answer

The Answer of Martin and Joe are equal partners in Ferrell Company.For the current year,Ferrell Company reports the following items of income and expense:  ​
In addition to his Ferrell Company earnings,Martin has other income of $35,000.Included in the $35,000 is a $10,000 loss from the sale of land held as an investment.Martin's adjusted gross income is:
A)$162,000 
B)$167,000 
C)$172,000 
D)$187,000 
E)$192,000

Martin and Joe Are Equal Partners in Ferrell Company