Reference no: EM132010955
Problem - The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income.
Selling expenses $ 21,200
Tax-exempt interest income 3,000
Dividends received 9,000
§1231 gain 7,000
Depreciation recapture income 11,000
Recovery of bad debts previously deducted 5,000
Long-term capital loss (6,000)
Salary paid to owners (each) (12,000)
Cost of goods sold (91,000)
a. Compute Kitsch's non separately stated income or loss for the tax year.
b. What would be the share of this year's income or loss items for James Billings, one of the Kitsch shareholders?
|
How big is your protein footprint
: How big is your protein footprint? Does a meat-rich diet have an adverse impact on our environment? Does it contribute to global warming?
|
|
What does the dye intensity tell you
: What does the dye intensity tell you? What information do you get about the fold change?
|
|
Discuss economic implications of breast cancer prevention
: Briefly discuss the social, political, and economic implications of breast cancer prevention. Summarize the current legislation at the state and federal level.
|
|
How do glycolysis-pyruvate processing the krebs cycle
: How do glycolysis, pyruvate processing, the Krebs cycle, and the electron transport chain work together to provide energy for the cell?
|
|
Compute kitsch non separately stated income
: The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Compute Kitsch's non separately stated income or loss for tax year
|
|
Ethanol containing mouth wash or non-ethanol mouth wash
: Which is 'ethanol containing mouth wash or non-ethanol mouth wash is effective? Investigate and write up with Introduction, method and Discussion.
|
|
Selection acting on coat curliness
: Assuming there is no selection acting on coat curliness and that the dogs are randomly mating, what is the frequency of the curly hair allele?
|
|
Replication rate of particular salmonella
: You know that 30,000 microbes are necessary to start infection and the replication rate of this particular salmonella is 20 minutes.
|
|
Prepare an absorption costing income statement
: Required: Using the data above, for quarter ending September 2014, prepare the following: An absorption costing income statement
|