If possible would someone double check my work please?

SS Corporation is an S Corporation. SS has always been an S corporation and has no C Corporation E & P. SS Corporations financial records for 2015 show the following:

Gross receipts from sales $670,000

Cost of goods sold (460,000)

Operating expenses (96,800)

Interest on State of Tennessee Bond 2,000

Business meals and entertainment (6,240)

Section 1231 loss on sale of equipment (13,500)

Charitable contribution (1,500)

Distribution (legal dividend) to shareholders (10,000)

SS Corporation has an $140,000 balance in its accumulated adjustment account (AAA) on January 1, 2015.

Mr. S owns 10 percent of the stock of SS Corporation. During the year he received a $1,000 dividend from the corporation.

Required:

A. Compute SS Corporations book (financial accounting) income.

Book Income
Gross Receipts from Sales	$ 670,000.00
Interest from state bonds	$ 2,000.00
Cost of Goods Sold	$ (460,000.00)
Operating Expenses	$ (96,800.00)
Business Meals & Entertainment	$ (6,240.00)
Section 1231 Loss	$ (13,500.00)
Charitable Contributions	$ (1,500.00)
Book Income	$ 93,960.00

B. Compute SS Corporations taxable income (including both ordinary business income and separately-stated items).

Taxable Income
Gross Receipts from Sales	$ 670,000.00
Cost of Goods Sold	$ (460,000.00)
Operating Expenses	$ (96,800.00)
Business Meals & Entertainment	$ (3,120.00)
Section 1231 Loss	$ (13,500.00)
Charitable Contributions	$ (1,500.00)
Taxable Income	$ 95,080.00

C. Compute SS Corporations ordinary business income.

Ordinary Business Income
Gross Receipts from Sales	$ 670,000.00
Cost of Goods Sold	$ (460,000.00)
Operating Expenses	$ (96,800.00)
Business Meals & Entertainment	$ (3,120.00)
Taxable Income	$ 110,080.00

D. Compute Mr. Ss share of S Corporations ordinary business income and separately stated items.

Mr S's Share of Income	$ 110,080.00	10%	$ 11,008.00
SS Items
Interest on TN Bonds	$ 2,000.00	10%	$ 200.00
Business Meals & Ent	$ (3,120.00)	10%	$ (312.00)
Charitable Contribution	$ (1,500.00)	10%	$ (150.00)
Section 1231 loss	$ (13,500.00)	10%	$ (1,350.00)

E. If Mr. Ss adjusted basis in his S corporation stock was $20,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that SS Corporations debt did not change during the year.

Mr S
Beginning Basis	$ 20,000.00
Share of Income	$ 11,008.00
Interest on TN Bonds	$ 200.00
Business Meals & Ent	$ (312.00)
Charitable Contribution	$ (150.00)
Section 1231 loss	$ (1,350.00)
Dividends	$ (1,000.00)
Ending Basis	$ 28,396.00

F. How would your basis computation change if SS Corporations debt at the end of the year was $50,000 more than its debt at the beginning of the year?

The basis would be the same because debt does not affect S-corp shareholder basis

G. Compute the ending balance (12/31/2015) in SS Corporations accumulated adjustments account (AAA).

AAA
Jan 1 2015	$ 140,000.00
Ordinary Income	$ 110,080.00
Distributions	$ (10,000.00)
Ending Balance	$ 240,080.00