S Corps Income Statement Sales Cost of Sales Gross Profit S 450,000 $ (150,000) S 300,000 120,000 12,000 55.000 24.000 10,000 $221,000 $ 79,000 Operating Expenses Officer Compensation S Interest Expense - Business Related S Depreciation Expense (MACRS - includes $50,000 of $179 expense) S Rent Expense S Charitable Contributions S Operating (ordinary) income Other income/(loss) Long term Capital Gain S Dividends from Domestic Stock $ Section 1245 gain on truck sale S Section 1231 gain on truck sale S Total Net Income 26.000 5,500 10,000 15,000 S 56,500 $ 135,500 Additional Information 1 During the year Bruce is a 25% shareholder in the company. Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on page 1 of the S Corporation Sales Section 1245 gain on truck sale Section 1231 gain on truck sale Cost of Goods Sold Gross Profit Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense Ordinary business income (loss) Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on the Schedule K-1 for Bruce, a 25% partner. Ordinary business income (loss) Section 1245 gain on truck sale Section 1231 gain on truck sale Dividend Income Long Term Capital Gains Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense S Corps Income Statement Sales Cost of Sales Gross Profit S 450,000 $ (150,000) S 300,000 120,000 12,000 55.000 24.000 10,000 $221,000 $ 79,000 Operating Expenses Officer Compensation S Interest Expense - Business Related S Depreciation Expense (MACRS - includes $50,000 of $179 expense) S Rent Expense S Charitable Contributions S Operating (ordinary) income Other income/(loss) Long term Capital Gain S Dividends from Domestic Stock $ Section 1245 gain on truck sale S Section 1231 gain on truck sale S Total Net Income 26.000 5,500 10,000 15,000 S 56,500 $ 135,500 Additional Information 1 During the year Bruce is a 25% shareholder in the company. Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on page 1 of the S Corporation Sales Section 1245 gain on truck sale Section 1231 gain on truck sale Cost of Goods Sold Gross Profit Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense Ordinary business income (loss) Using the data provided on the "information" tab, enter the appropriate values in the shaded fields below as they would appear on the Schedule K-1 for Bruce, a 25% partner. Ordinary business income (loss) Section 1245 gain on truck sale Section 1231 gain on truck sale Dividend Income Long Term Capital Gains Officer Compensation Charitable Contributions Rent Expense Interest Expense Depreciation (MACRS) Section 179 Expense
