Solution-Determine the corporations financial accounting

Determine the corporations financial accounting income

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Reference no: EM13539871

The operating results for Peep Corporation, an S corporation, for last year were as follows:

Revenues

Revenues
Gross sales	$2,000,000
Tax-exempt bond interest	2,000
Dividend income	8,000
Section 1231 gain (land)	10,000

Expenses
Cost of goods sold	$900,000
Salaries	600,000
Rent	200,000
Utilities	60,000
Depreciation	40,000
Charitable contribution	12,000
Section 179 expense	20,000

a. Determine the corporation's net income and its separately stated items.

b. Determine the corporation's financial accounting income if the gain on the sale of the land is only $6,000 and depreciation is $32,000 under financial accounting rules.

c. Sample filled-in forms are also in Appendix C of this text.

Reference no: EM13539871

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Determine the corporations financial accounting income

Reference no: EM13539871

Reference no: EM13539871

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