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ACNT 1347 Chapter 22 Stock Debt Basis Exercise Z Corp-100% Sh. Sales Cost of Goods Sold Dividend Income Interest Income Advertising Expense Rent Expense Fine Expense Scenario #1 200,000 50,000 1,000 1,000 20,000 30,000 2,000 Scenario #2 50,000 200,000 1,000 1,000 20,000 30,000 2,000 200,000 -50,000 -20,000 -30,000 100,000 50,000 -200,000 -20,000 -30,000 -200,000 1,000 1,000 2000 1,000 1,000 2000 Compute: (a) Compute Ordinary Business Inc (Loss) Sales Cost of Goods Sold Advertising Expense Rent Expense Total Ord. Bus. Inc (Loss) (b) Separately Stated Items: Dividend Income Interest Income Fine Expense Compute Stock & Debt Basis (1): Stock Basis Beginning Balance Additions: Ord. Bus. Inc (Loss) Dividend Income Interest Income Scenario #1 Scenario #2 Debt Stock Debt Basis Basis Basis 20,000 200,000 20,000 200,000 100,000 1,000 1,000 Subtractions: Fine Expense -2,000 Ending Balance 120,000 -20,000 -180,000 1,000 1,000 -2,000 200,000 0 20,000 (1) The shareholder didn't have any loan repayments or additional loans with respect to debt basis. ACNT 1347 Chapter 22 Quiz Stock Debt Basis Exercise (3 bonus points) Z Corp-100% Shareholder. Compute the ordinary business income or loss, separately stated items, stock basis and debt basis under each of the two scenarios. Facts: Scenario #1 Scenario #2 Sales 200,000 50,000 Cost of Goods Sold 50,000 200,000 Dividend Income 1,000 1,000 Interest Income 1,000 1,000 Advertising Expense 20,000 20,000 Rent Expense 30,000 30,000 Fine Expense 2,000 2,000 Compute: (a) Compute Ordinary Business Inc (Loss) Sales Cost of Goods Sold Advertising Expense Rent Expense Total Ord. Bus. Inc (Loss) 200,000 50,000 200,000 30,000 -80,000 50,000 200,000 20,000 30,000 -200,000 1,000 1,000 2000 1,000 1,000 2,000 (b) Separately Stated Items: Dividend Income Interest Income Fine Expense Compute Stock & Debt Basis (1): Beginning Balance Additions: Ord. Bus. Inc (Loss) Dividend Income Interest Income Subtractions: Fine Expense Scenario #1 Scenario #2 Stock Debt Stock Debt Basis Basis (1) Basis Basis (1) 20,000 200,000 20,000 200,000 -80,000 1,000 1,000 -200,000 1,000 1,000 2,000 2,000 Ending Balance (1) The shareholder didn't have any loan repayments or additional loans with respect to debt basis