The Pheasant Partnership had the following transactions in the current year a What is Pheasant 's ordinary income (or loss) b What are Pheasant 's separately stated items Operating income Cost of goods sold $700,000 400,000 Capital gains Long term $20,000 Short term 10,000 30,000 Salaries 60,000 Ta...

a 208000 profit determined as follows Operating income 700000 Cost of goods sold 400000 ...

The Pheasant Partnership had the following transactions in the current year: a. What is Pheasant's ordinary income

Question:

The Pheasant Partnership had the following transactions in the current year:

Operating income Cost of goods sold $700,000 400,000 Capital gains- Long-term $20,000 Short-term 10,000 30,000 Salaries

a. What is Pheasant's ordinary income (or loss)?
b. What are Pheasant's separately stated items?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...