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Problem
During 2004, Houston Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2003, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. The corporation has no accumulated E&P.
What is Nutt's stock basis at 12/31/04?
What is the income recognized by Nutt on his 2004 1040?
Prepare a post-closing trialbalance
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Two primary qualities that make accounting information useful for decision-making purposes.
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Net income from the income statement will flow through to the Statement of Retained Earnings.
Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.
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on january 2 2013 judah smith decided to incorporate his business smiths bakerycheck figuresunadjusted net income
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