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Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on page 1 of the S Corporation Sales Section 1245 gain on truck sale Section 1231 gain on truck sale Cost of Goods Sold Gross Profit Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense Ordinary business income/(loss) Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on the Schedule K-1 for Bruce, a 25% partner. Ordinary business income/(loss) Section 1245 gain on truck sale Section 1231 gain on truck sale Dividend Income Long Term Capital Gains Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense Sales Cost of Sales Gross Profit Rent Expense Charitable Contributions Operating (ordinary) income Operating Expenses: Officer Compensation Interest Expense - Business Related Depreciation Expense (MACRS includes $50,000 of §179 expense) S S S Other income/(loss) Long term Capital Gain Dividends from Domestic Stock S Corps Income Statement Section 1245 gain on truck sale Section 1231 gain on truck sale Total Net Income S 450,000 S (150,000) S 300,000 Additional Information 1 During the year Bruce is a 25% shareholder in the company. $ S S S $ S 120,000 12,000 55,000 24,000 10,000 $221,000 $ 79,000 26,000 5,500 10,000 15,000 $ 56,500 $135,500 Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on page 1 of the S Corporation Sales Section 1245 gain on truck sale Section 1231 gain on truck sale Cost of Goods Sold Gross Profit Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense Ordinary business income/(loss) Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on the Schedule K-1 for Bruce, a 25% partner. Ordinary business income/(loss) Section 1245 gain on truck sale Section 1231 gain on truck sale Dividend Income Long Term Capital Gains Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense Sales Cost of Sales Gross Profit Rent Expense Charitable Contributions Operating (ordinary) income Operating Expenses: Officer Compensation Interest Expense - Business Related Depreciation Expense (MACRS includes $50,000 of §179 expense) S S S Other income/(loss) Long term Capital Gain Dividends from Domestic Stock S Corps Income Statement Section 1245 gain on truck sale Section 1231 gain on truck sale Total Net Income S 450,000 S (150,000) S 300,000 Additional Information 1 During the year Bruce is a 25% shareholder in the company. $ S S S $ S 120,000 12,000 55,000 24,000 10,000 $221,000 $ 79,000 26,000 5,500 10,000 15,000 $ 56,500 $135,500
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Sales 450000 Section 1245 gain on truck Sake 10000 Section 1231 gain on truck ... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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