Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1....
90.2K
Verified Solution
Link Copied!
Question
Accounting
Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1.
For questions 1 through 4, determine the amount, if any, using the fact pattern for each item.
Assume the following facts:
Fedderman's 20X1 books recorded the following items:
Gross receipts $9,600
Interest income on investments 150
Charitable contributions 650
Supplies 2,000
What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K?
Feedback
{R} - {S}
I know this is not the answer:
7,100
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!
