Question
Connie's Restaurant has been an S corporation since it was formed in 2006. Its results for the previous year are as follows: Sales $200,000 Supplies
Connie's Restaurant has been an S corporation since it was formed in 2006. Its results for the previous year are as follows:
Sales $200,000
Supplies 90,000
Salaries 50,000
Depreciation 5,000
Interest on business loan 1,000
Charitable contributions 3,000
Advertising 4,000
Utilities expense 6,000
Property taxes 1,000
Gain on the sale of
investment land (long-term) 8,000
What are Connie's separately stated items? What is the S corporation's ordinary income?
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Financial Accounting Reporting And Analysis
Authors: Earl K. Stice, James D. Stice
7th Edition
0324227329, 978-0324227321
