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Andreas93 [3]
3 years ago
15

Typing, Inc. has been an S corporation since its inception. On July 4, 2019, Typing distributed $50,000 to Jerusha. Her basis in

Typing stock on January 1, 2019, was $35,000. For 2019, she was allocated $6,000 of ordinary income from Typing and no separately stated items. What is the amount of income Jerusha recognizes related to Typing in 2019?
Business
1 answer:
lisabon 2012 [21]3 years ago
3 0

Answer:

Answer is $15,000

$6,000 share of ordinary income plus $9,000 gain for a $50,000 distribution in excess of her $41,000 stock basis.

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allatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% o
vodomira [7]

Answer:

Sales                                                                                                   2,600,000

Less Cost of Goods Sold

Opening Stock                                                              0

Add Cost of Goods Manufactured

Direct materials                                                     1,218,000

Direct labor                                                             522,000

Variable factory overhead                                       87,000

Fixed factory overhead                                           130,500

Less Closing Stock (350×(1,957,500/4,350)       (157,500)             (1,800,000)

Gross Profit                                                                                           800,000

Less Expenses

Selling and administrative expenses:

Variable selling and administrative expenses                                     (60,000)

Fixed selling and administrative expenses                                          (25,000)

Net Income                                                                                              715,000

Explanation:

<em>Product Cost (Absorption Costing) = Direct Materials + Direct Labor + Variable Overhead + Fixed Overheads</em>

<em>Period Cost (Absorption Costing)  = All Non- Manufacturing Overheads</em>

7 0
3 years ago
The quality of a soil is most directly related to ________.
Illusion [34]
Its capacity to perform the functions you or a person want it to
5 0
3 years ago
¿A partir de que documento se genera el COVE?
Natasha2012 [34]
Sorry would love to help but Translation plz???
8 0
2 years ago
In the exact moment you run out of laundry detergent and realize you need to pick some up at the store, you are in the ________
shutvik [7]
In the exact moment you run out of laundry detergent and realize you need to pick some up at the store, you are in the problem recognition stage of the buying decision process. The problem recognition stage is realizing you have to make the purchase versus deciding to make the purchase of something. 
3 0
3 years ago
Byron Corporation forecasts that its income will be $21,000 next year. The firm pays out 30 percent of earnings as dividends to
noname [10]

Answer:

RE break point = $24500

Explanation:

21,000 net income

30% OF Earnings as dividends

21,000 x 30% = 6,300 dividends

Retained Earnings (assuming no previous beginning value)

21,000 - 6,300 = 14,700

RE break point = 14,700/0.6 = 24500

What does the $24,500 mean?

This mean that the company can raise financing for this ammount without changing their capital structure (60% equity 40% debt)

If the company wants to finance for more, it will need to raise new shares or chance their capital structure, and therefore the WACC will change

8 0
2 years ago
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