Based on the available information, the non-separately stated partnership income for CGMA Partnership is $53,000.
To determine the non-separately stated partnership income, calculate the net income of the partnership by subtracting the deductible expenses from the total income.
Given the following income and expense items for CGMA Partnership:
Sales: $100,000
Interest income from checking account: $1,000
Charitable contributions: $4,000
Employee wages: $4,000
Cost of goods sold: $40,000
To calculate the non-separately stated partnership income, subtract the deductible expenses from the total income:
Total income = Sales + Interest income from checking account
Total income = $100,000 + $1,000
Total income = $101,000
Deductible expenses = Charitable contributions + Employee wages + Cost of goods sold
Deductible expenses = $4,000 + $4,000 + $40,000
Deductible expenses = $48,000
Non-separately stated partnership income = Total income - Deductible expenses
Non-separately stated partnership income = $101,000 - $48,000
Non-separately stated partnership income = $53,000
Therefore, the non-separately stated partnership income for CGMA Partnership is $53,000.