If there is no majority then the partnership must

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: (2,000) (1,500) $46,500 Choice "a" is incorrect. Dividend income is not included in net business income. Supplies expense is included in net business income. Choice "b" is incorrect. Dividend income is not included in net business income. Utilities expense is included in net business income. Choice "c" is incorrect. Utilities expense is included in net business income. CPA-04842 Type1 M/C A-D Corr Ans: C PM#16 R 3-02 91. CPA-04842 Released 2005 Page 48 Boles Corp., an accrual-basis calendar-year S corporation, has been an S corporation since its inception and is not subject to the uniform capitalization rules. In 2003, Boles recorded the following? Gross receipts $50,000 Dividend income form investments 5,000 Supplies expense 2,000 Utilities expense 1,500 On Bole's 2003 S corporation Form Schedule K, Shareholders' Shares of Income, Credits Deductions, etc., what amount of income should be separately stated from business income? a. $50,000 44 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Becker CPA Review, PassMaster Questions Lecture: Regulation 3 b. $...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online