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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.
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Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be:
Michael owns stock in an S corporation. The corporation sustained a net operating loss this year. Michael's pro rata share of the loss is $5,000.
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McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?
At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?
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If the cost of an item of inventory is $75, the current replacement cost is $64, and the selling price is $95, the amount included in inventory according to the lower of cost or market concept is?
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Which of the following factors influences the spread between forward and spot rates?
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