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Problem 1: On 12/31/X4, Zoom, LLC reported a $55,500 loss on its books. The items included in the loss computation were $27,000 in sales revenue, $12,000 in qualified dividends, $19,000 in cost of goods sold, $47,000 charitable contribution, $17,000 in employee wages, and $11,500 of rent expense. How much ordinary business income (loss) will Zoom report on its X4 return?
Option 1: ($90,500). Option 2: ($8,000). Option 3: ($20,500). Option 4: ($55,500).
Determine all of appropriate journal entries to record the transactions and any subsequent adjusting entries (for example, depreciation expense on 12/31/2016).
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