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Bjorn owns a 40% interest in an S corporation that earned $150,000 in 2008. He also owns 30% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $35,000 to Bjorn and the C corporation paid dividends of $35,000 to Bjorn. How much income must Bjorn report from these businesses?
a. $0 income from the S corporation and $0 income from the C corporation.
b. $35,000 income from the S corporation and $35,000 income from the C corporation.
c. $60,000 income from the S corporation and $35,000 of dividend income from the C corporation.
d. $60,000 income from the S corporation and $0 income from the C corporation.
e. None of the above.
The cost formula for the maintenance department of Rainbow, Ltd., is $12,600 per month plus $4.50 per machine hour used by the production department.
The dash club of tampa, florida,collected receipes from memebers and published a cookbook entitled life of the party.the book will sell for $25 per copy.the chairwoman of the cookbook development committee estimated that the club needed to sell 10..
If the standard deviation of demand is six per week, demand is 50 per week, and the desired service level is 95%, approximately what is the statistical safety stock?
Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.
Calculate the combined pre-determined OH rate using (1) units of production (2) machine hours: 40,000 machine hours, variable mfg OH $80,000, Fixed mfg OH $325,000. The company expects to produce 10,000 units and each product requires 4 hours of m..
Ferman Corporation had net income of $200,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2012. Ferman Corporation's common stockholders' equity at the beginning and end of 2012 was $870,000 and $1..
A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8% interest per year, starting on the day your child is born..
Maas Enterprises has $2,190,000 of 6 percent bonds outstanding. There is $40,000 of unamortized discount remaining on the bonds after the March 1, 2011, semiannual interest payment.
Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
Dee Corporation's profits on the land will be ordinary income. What are the tax consequences of the asset transfer and land sales if Gene contributes the land to Dee Corporation in exchange for all of its stock? What alternative methods can be use..
You notice that all receivables are treated as assets and all payables as liability in the chart of accounts. Is this correct? Explain your answer.
Equipment costing $10,000 with accumulated depreciation of $7500 is traded for equipment priced at 17,000, minus a trade in allowance of 2,000. What is the new equipment recorded at?
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