Solution-What amount is the S Corporation ordinary taxable

What amount is the S Corporation ordinary taxable income

Reference no: EM132010736

Question - Boles, a calendar year S Corporation has the following:

Gross Receipts of $70,000; Tax Exempt Interest Income of $4,000; Dividends of $10,000; Supplies Expense of $3,000; and Utilities Expense of $1,500. What amount is the S Corporation's ordinary taxable income?

A) $65,500

B) $79,500

C) $70,000

D) $75,500

Reference no: EM132010736

Questions Cloud

Tablet computer given that they own a smart phone : What is the probability that an individual owns a tablet computer given that they own a smart phone?

How much loss can each shareholder deduct : Bob's basis is $30,000 and Sam's basis is $15,000. How much loss can each shareholder deduct in current year assuming they materially participate in business

What concept describes what happened in the case : You are the owner of a restaurant, and currently you have only one waiter. While this keeps costs down, many of your customers go home because they are tired.

Write a research paper presenting both sides of the issue : Herbert Packer's crime-control model of criminal justice is more needed today than the due process model - Plea bargaining provides a fair and necessary form

What amount is the S Corporation ordinary taxable income : Dividends of $10,000; Supplies Expense of $3,000; and Utilities Expense of $1,500. What amount is the S Corporation's ordinary taxable income

Describe what students should know about degree : Program Student Learning Outcomes are broad statements that describe what students should know and be able to do upon completion of their degree.

Estimate the number of pickpockets in a certain city : A statistician is collecting data to help her estimate the number of pickpockets in a certain city. She needs 150 pieces of data and is 34 percent done.

What amount is taxable to charles : Charles, an individual, owned 100% of the Alpha, an S corporation. Alpha distributed $25,000 to Charles, What amount of the $25,000 is taxable to Charles

Calculate the maximum depreciation deduction : In March of 2017 Frederick acquired a passenger automobile for $45,000. The maximum depreciation deduction for 2017 is

User Account

All Pages

What amount is the S Corporation ordinary taxable income

Reference no: EM132010736

Reference no: EM132010736

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Identify and explain the main sections of the annual report

Context data-flow diagram

Recommended improvements or safeguards to limit risk

What are equivalent units of production for direct material

What is the process for calculated both cash and stock

Weighted mean price of a book-weighted mean hourly wage

Calculate the number of tickets sunset must sell

What would craigs monthly payment be

Determine dayton incs income tax expense

Discuss the ethical dilemma faced by jim fielding

In which the company strategically focuses on targeting

An automobile parts company has a standard labor rate of

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT