Calculate Vs share of the items
Course:- Accounting Basics
Reference No.:- EM131810915

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question - Allocations. V owns 500 shares of stock of an S corporation woth 2,000 shares outstanding. The cakender year S corporation's records show the following information:

Net ordinary income...........$200,000

Net capital loss....................(10,000)

Calculate V's share of the items if on March 15 he sells:

a. 200 of his shares of stock;

b. All 500 shares of his stock and the per-day allocation method is used;or

c. All 500 shares of stock and the interim closing of the books method is used.

The records reveal that through March 15, net ordinary income was $60,000 and net capital loss was $10,000.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
The only transactions that affected accounts receivable during 2010 were net credit sales of $1,000,000, cash collections of $900,000, and accounts written off of $30,000.
What is the arithmetic average rate of return earned by investing in Caswell's stock over this period? What is the geometric average rate of return earned by investing in Casw
How much she has to pay at the end of each month over the term of the loan under both loan arrangements and What is the amount of interest payable with the 40th payment under
Shredder will begin January with no Work in Process or Finished Goods Inventory. Inventory policy for these two accounts is set at zero ending WIP and 25 percent of the foll
Cole is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the partnership income before the bonus for
Using Landry's Restaurants, Inc. 2003 Annual Report located in Appendix A of the text, Fundamentals of Financial Accounting, prepare a 1,050-1,750-word paper in which you an
Prepare the accounting records for Tanya's Tutoring Service (Version A),    Set up the Chart of Accounts,  Prepare the bank reconciliation for January 31, 2013
Discuss whether it is ethical to record the revenue transaction in December. Identify the accounting principle relevant to this situation, and give the reasons underlying yo