Boles Corp., an accrual$-$based calendar$-$year S$-$Corporation, has been an S$-$Corporation since its

inception and is not subject to the uniform capitalization rules. In the current year, Boles

recorded the following:

Gross receipts

$$50,000$

Dividend income from investments $$5,000$

Supplies expense

$$2,000$

Utilities expense

$$1,500$

What amount of net business income should Boles report on its Form $1120$S$,$ U$.$S$.$ Income Tax

return for an S$-$Corporation, Schedule K$?$

a$.$ $$46,500$

b$.$ $$48,000$

c$.$ $$53,000$

d$.$ $$53,500$