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Total Assets $5,000,000

Gross Receipts $1,000,000

Cost of Goods Sold $400,000 (assume no beginning and ending inventory and

purchases are $400,000)

ABC Inc. uses FIFO method for determining the cost of goods sold and the cash

method for income and other expenses.

Compensation to Bee Jones, 40% shareholder/President was $200,000

There are three shareholders in the S Corporation

Salaries and wages paid to non-shareholder employees were $50,000

Office Rent paid for corporate office was $10,000

Supplies expense totaled $40,000

The corporation received insurance proceeds of $150,000 for life insurance on a

key executive. Relative insurance premiums paid for the year were $5,000.

Beginning Balances: Accumulated Adjustments Account $100,000

Other Adjustments Account $ 25,000

Net Income per Books was $445,000 including Life insurance proceeds of

$150,000 and Life Insurance Premiums of $5,000.

There were no distributions made to the shareholders.

The corporation has no debts