Answer:
$475,000
Explanation:
Calculation for By what amount would LBM credit capital in excess of par
Dr Cash $500,000
(25,000 shares*$20 per share)
Cr Common Stock $25,000
(25,000 shares*$1 per share)
Cr Capital in excess of par $475,000
($500,000-$25,000)
Therefore based on the above Journal entry and calculation the amount that LBM would credit as capital in excess of par will be $475,000 ($500,000-$25,000).
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Answer: d) None of the above
Explanation:
The profit on the sale is not a referral fee as Joanna did not facilitate a transaction between her clients and the people she bought the products for.
It is not a commission either because it is not a percentage of the products price earned as an incentive or extra fee for selling the products.
Her selling these products is allowed.
The answer is therefore None of the Above.
For the past five years, Logan has reported little to no taxable income because he paid Graham a salary of $500,000 a year.
Multiply that result by the number of shares held for each individual shareholder. Complete Appendix K, the form companies must submit to list the amount of income attributable to each shareholder for the tax year.
The gross S Corporation income (or loss) reported in Appendix E is included in the income from rentals, royalties, partnerships, S Corporations, trusts, etc. section of an individual's Form 1040.
S corporation tax rate refers to the federal, state, and local personal income taxes an S corporation must pay. S Corporation owners must pay state and local income taxes ranging from 0% to 13.3% and a maximum federal income tax of 39.6%.
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