How much income will be allocated to roberto

Assignment Help Accounting Basics
Reference no: EM132680547

Problem 1: Roberto runs the retail store in Sacramento, CA, and Reagan runs the retail store in San Francisco, CA. Bright Light Inc. generated a $126,050 profit companywide made up of a $75,300 profit from the Sacramento store, a ($25,750) loss from the San Francisco store, and a combined $76,500 profit from the remaining stores. If Bright Light Inc. is an S corporation, how much income will be allocated to Roberto?

Multiple Choice

Option 1: $31,512.50.

Option 2: $63,025.00.

Option 3: $75,300.00.

Option 4: $126,050.00.

Reference no: EM132680547

Questions Cloud

Explain the problems with the existing design : What is the candidate key(s) of the relation? What normal form is the relation currently in? Explain your reasoning and Explain the problems with the existing
Compute the manufacturing income : Activity: Income taxation - Concept of Income Tax - Compute the manufacturing income respectively earned within and earned without the Philippines
How would you address power and political behaviors : How would you address power, political behaviors, and the ethics of the team? How would you manage the overall performance of the team?
Explain efficient market hypothesis : Take Malaysian companies as examples to explain the each forms of the efficient market hypothesis (EMH).
How much income will be allocated to roberto : Combined $76,500 profit from the remaining stores. If Bright Light Inc. is an S corporation, how much income will be allocated to Roberto?
Defined benefits and defined contributions pension plans : Differentiate between defined benefits and defined contributions pension plans. Who bears the investment risk under each of these alternatives?
High frequency trading : Reread pages 38 to 39, High Frequency Trading, and watch at least one of the following videos:
Discuss how they maintain their brand promise : Review the "Marketing Excellence: The Ritz-Carlton" case study on pp. 425 of your textbook. Bring another hotel into the discussion (either a competitor.
How much would have charged job cost : Compute Mr. Wilkes' If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would have charged job cost

Reviews

Write a Review

Accounting Basics Questions & Answers

  Is a returned check an nsf or something else

Is a returned check an NSF or something else? Where would they go on a bank reconciliation? Dupposed to add them together or keep them separate

  Prepare single continuous statement of income

Prepare a 2016 single, continuous statement of income and comprehensive income for Kroeger Inc., using a multiple-step income statement format

  Show and provide the journal entries necessary to account

Show and Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116

  Calculate the economic value added for each of golden gate

Question - Economic Value Added - Calculate the Economic Value Added for each of Golden Gate Construction Associates divisions

  Research the appropriate codification and draft a memo

Research the appropriate Codification and draft a memo explaining whether either the CEO's or the CFO's proposals are valid under U.S. GAAP

  Create the income statement balance sheet

Using the Attached Apollo Shoes Analytical file need to create the following: 2017 Income Statement balance sheet based on the pre-closing trial balance

  On dec 312008 xyz corp had 600000 shares of common stock

on dec 31.2008 xyz corp had 600000 shares of common stock and 300000 shares of 8 noncumulativenonconvertible prreferd

  Discuss the freed-up resources to increase production

the freed-up resources to increase production of another product, resulting in additional contribution margin

  How much was ending inventory last accounting period

If $6,000 was the beginning inventory, purchases were $10,000. and sales were $7,000. How much was ending inventory last accounting period

  On july 1 of the current year mr a a cash-method taxpayer

on july 1 of the current year mr. a a cash-method taxpayer sold a painting for which he received 50000 in cash and a

  Prepare balance sheet and cash flow statement

During the year the company paid 15 months' rent of $15,000. Prepare a P&L, Statement of Owners Equity, Balance Sheet and Cash Flow Statement for the year 2016

  Prepare the Statement of Cash Flows for Mitchell Company

Use this information to prepare the Statement of Cash Flows for Mitchell Company using the indirect method

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd