Office supplies unlimited is a small office supply outlet. The result of its operations is for the most recent year are summarizedas follows:
gross profit on sales: $95,000
cash operating expenses: 43,000
depreciation expense: 16,500
compensations to owner(s): 20,000
distribution of profit to owner(s): 5,000
determine how much income is to be taxed for:
-a sole proprietorship owned by H?
-partnership owned by L and P with agreement to share all itemsequally. P is guaranteed a salary of $20,000
- a corporation owned equally by N and K. K is employed bythe business and receives salary of $20,000.