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An S Corporation has the following information: Sales 120,000.00 Dividend income 2,500.00 Tax-exempt interest 3,000.00 Long-term capital gain 10,000.00 Short-term capital gain 5,000.00 Cost of
An S Corporation has the following information: | |
Sales | 120,000.00 |
Dividend income | 2,500.00 |
Tax-exempt interest | 3,000.00 |
Long-term capital gain | 10,000.00 |
Short-term capital gain | 5,000.00 |
Cost of goods sold | 60,000.00 |
Advertising expense | 1,000.00 |
Charitable contributions | 1,500.00 |
Interest expense | 5,000.00 |
Salary expense | 30,000.00 |
Other operating expenses | 10,000.00 |
Compute the S Corporation's ordinary business income (loss) for the year that would be reported on Page 1, Line 21 of the Form 1120-S |
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