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Waters Corporation is an S corporation with two equal (50%) shareholders, Mia Jones and David Kerns. This year, Waters recorded the following items of income
Waters Corporation is an S corporation with two equal (50%) shareholders, Mia Jones and David Kerns. This year, Waters recorded the following items of income and expense: Cost of goods sold ($250,000) Sales Revenue $500,000 Interest Income 6,000 Salary and wages (75,000) Other operating expenses (55,000) Long term capital gain 10,000 If Mia has no other sources of income, what is her total gross income for the year (excluding share of salary and wages)? A. $97,500 B. $68.000 C. $63,000 D. $60,000
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