Answered step by step
Verified Expert Solution
Question
1 Approved Answer
S-Corporations Question 8 of 15. Enfuego Cafe finished the year with $55,000 in gross receipts and sales. During the year, customers of Enfuego Cafe
S-Corporations Question 8 of 15. Enfuego Cafe finished the year with $55,000 in gross receipts and sales. During the year, customers of Enfuego Cafe refunded a total of $975. The total compensation expense for their officers was $39,845. The company also paid their annual rent of $12,000. What is the total income reported on the Form 1120-S, line 6? $2,180 $3,155 $54,025 $55,000 Mark for follow up
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started