Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. connie's restaurant has been an s corporation sinc

Connie's Restaurant has been an S corporation since it was formed in 2006. Its results...

70.2K

Verified Solution

Question

Accounting

Connie's Restaurant has been an S corporation since it was formed in 2006. Its results for the previous year are as follows:

Sales $200,000

Supplies 90,000

Salaries 50,000

Depreciation 5,000

Interest on business loan 1,000

Charitable contributions 3,000

Advertising 4,000

Utilities expense 6,000

Property taxes 1,000

Gain on the sale of

investment land (long-term) 8,000

What are Connie's separately stated items? What is the S corporation's ordinary income?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

QUESTION 2: STOCK CHARACTERISTICS AND VALUATION a) Compute the value of a share of common...

Finance
Q

Check all of the statements that correctly describe what is known about the evolution of...

Biology
Q

A point charge of +4.0 ?C is held fixed at the origin. A second charge...

Physics
Q

24 Two circular discs A and B having same mass with equal radii and emissivities...

Physics
Q

Henry made a shirt using 1/3 yards of red fabric and 3/4 yards of blue...

Basic Math
Q

Robert, a rookie statistician, decides he wants to practice the methods he learned for performing...

Basic Math
Q

how to calculate specific financial data for Parry Corporation and Sent Company

Accounting
Q

Headlands Industries uses a periodic inventory system and reports the following for the month of...

Accounting
Q

At the end of the year, retained earnings totaled $2,700. During the year net income...

Accounting
Q

Stimac Corporation has total cash of $270,000, no marketable securities, total current receivables of $341,000,...

Accounting
Q

! Required information Problem 22-68(LO 22-5)(Algo) [The following information applies to the...

Accounting
Q

oversight corporation monitors employees ' electronic communications made in the ordinary course of business. this

Accounting