Calculate the balance in Lonergans AAA and AEP accounts

Assignment Help Financial Accounting

Reference no: EM13748964

Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2014. During 2015, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $120,000. Calculate the balance in Lonergan's AAA and AEP accounts at the end of 2015.

Reference no: EM13748964

Questions Cloud

Write a multiform program : Airplane Seating Chart An airplane has 15 rows (numbered 1 through 15), with six seats (labeled A, B, C, D, E, and F) in each row. Write a multiform program that keeps track of the seats that have been reserved and the type of meal requested by ea..

Calculate any built-in gains tax : During 2014, Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000. Whindy holds an $8,000 unexpired NOL carryforward from a C corporation year. Whindy's ordinary income for the ..

Calculate any passive investment income penalty tax payable : Flint, an S corporation with substantial AEP, reports operating revenues of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000. Calculate any passive investment incom..

Response to the e-mail : Write a 350 to 700 word response to the following e-mail:

Calculate the balance in Lonergans AAA and AEP accounts : Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2014. During 2015, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $..

Calculate the financial ratios for the assigned company : Calculate the financial ratios for the assigned company's financial statements, and then interpret those results against company historical data as well as industry benchmarks:

When american colonists gained independence from british : When the american colonists gained their independence from the british after the revolutionary war,the americans were faced with a problem: what kind of government should they have ?

Divisions residual income before considering the project : Ocean Division currently earns $780,000 and has divisional assets of $3.9 million. The division manager is considering the acquisition of a new asset that will add to profit. The investment has a cost of $675,000 and will have a yearly cash flow of $..

Pro forma statements of five year projections : Using the sample financial statements, create pro forma statements of five year projections that are clear, concise, and easy to read. Be sure to double check the calculations in your pro forma statements. Make assumptions that support each line i..

User Account

All Pages