Question
For an S-Corp filling out an 1120S, how do I find the amount of interest deductions entered on line 13? On my Income Statement I
For an S-Corp filling out an 1120S, how do I find the amount of interest deductions entered on line 13?
On my Income Statement I have Interest Expense of $7,500.00, Interest Income of $5,000.00, and Tax Exempt Interest Income of $2,500.00.
Also, my proffessor has marked my entry for Schedule K, line 16a Tax-exempt interest income as incorrect. I originally entered $2,500.00.
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
5th edition
134128524, 978-0134128528
