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An S Corporation has the following information: Sales Dividend income Tax-exempt interest Long-term capital gain Short-term capital gain Cost of goods sold Advertising expense Charitable
An S Corporation has the following information: Sales Dividend income Tax-exempt interest Long-term capital gain Short-term capital gain Cost of goods sold Advertising expense Charitable contributions Interest expense Salary expense Other operating expenses 120,000.00 2,500.00 3,000.00 10,000.00 5,000.00 60,000.00 1,000.00 1.500.00 5,000.00 30,000.00 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 (10 points)
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