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Category > Accounting Posted 18 Aug 2017 My Price 12.00

Falcons Corporation

In year 2, Julio and Milania received distributions of $20,000 and $30,000, respectively, from Falcons Corporation.

Falcons Corporation (an S Corporation)
Income Statement
December 31, Year 1
  Year 1 Year 2
  Sales revenue $ 300,000   $ 430,000  
  Cost of goods sold   (40,000 )   (60,000 )
  Salary to owners Julio and Milania   (40,000 )   (80,000 )
  Employee wages   (25,000 )   (50,000 )
  Depreciation expense   (20,000 )   (40,000 )
  Section 179 expense   (30,000 )   (50,000 )
  Interest income   12,000     22,500  
  Municipal bond income   1,500     4,000  
  Government fines   0     (2,000 )
             
  Overall net income $ 158,500   $ 174,500  
             
  Distributions $ 30,000   $ 50,000  

What amount of ordinary income and separately stated items are allocated to them for year 2 based on the information above?

b. Complete Falcons Form 1120S, Schedule K for year 2.
c. Complete MilaniaAc€?cs 1120S, Schedule K-1 for year 2

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 06:08 PM My Price 12.00

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