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Susan Murphy and John O'Sullivan are forming a partnership, Irish Leather Goods, to import from Ireland. Murphy is especially artistic and will travel to Ireland to buy the merchandise. O'Sullivan is a super salesman and has already lined up several department stores to sell the leather goods.
Requirements
1. If Murphy and O'Sullivan do not draft a written profit-sharing agreement, how will profits or losses be shared?
2. Murphy is contributing $150,000 in cash and accounts payable of $40,000. O'Sullivan is contributing a building that cost O'Sullivan $60,000. The building's current market value is $85,000. Journalize the investment of the two partners.
Explain the difference between the two transactions from the standpoint ofthe seller. Use the component elements of income to support theanswer.
What is their gross income, adjusted gross income, and taxable income?
Frank Clarke, an employee of Smithson Company, was covered under a noncontributory pension plan. Frank died on April 15 2010 at age 64 and pursuant to the plan, his widow received monthly pension payments of 500 beginning May 1 2010.
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Analysis of Transactions
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