Problem 12-20 (Algorithmic) (LO. 5, 6) The profit and loss statement of Kitsch Ltd., an S corporation, shows $230,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income Dividends received § 1231 gain Depreciation recapture income Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each). Cost of goods sold a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed income Vis s Feedback Check My Work ($46,000) 6,900 20,700 16,100 23,000 11,500 (13,800) (27,600) (207,000) b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? Feedback

Problem 12-20 (Algorithmic) (LO. 5, 6) The profit and loss statement of Kitsch Ltd., an S corporation, shows $230,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income Dividends received § 1231 gain Depreciation recapture income Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each). Cost of goods sold a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed income Vis s Feedback Check My Work ($46,000) 6,900 20,700 16,100 23,000 11,500 (13,800) (27,600) (207,000) b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? Feedback

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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