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The profit and loss statement of Strategy




24. LO.5, 6 The profit and loss statement of Strategy, Inc., an S corporation, shows net;profits of $101,000 (book income). The corporation has three equal shareholders. From;supplemental data, you obtain the following information about some items that are;included in the $101,000.;Selling expenses (19,200);Municipal bond interest income 2,000;Dividends received on Boeing stock 8,000;? 1231 gain 6,000;Depreciation recapture inocme 13,000;Passive income 3,000;Short-term capital loss (9,000);Salary paid to owners (each) (11,000);Cost of goods sold (81,000);a. Determine the nonseparately computed income or loss.


Paper#32762 | Written in 18-Jul-2015

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