FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days). Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. c. On March 15, 2023, Winkin and Nod each sell their shares to Blinkin. Answer is complete but not entirely correct. Income Reported Daily Specific Identification Method Allocation Method Winkin $ 95,390 $ 95,390x Nod $ 95,390 x $ 95,390 x Blinkin $ 565,891 $ 279,720 x
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Transcribed Image Text:Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days). Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. c. On March 15, 2023, Winkin and Nod each sell their shares to Blinkin. Answer is complete but not entirely correct. Income Reported Daily Specific Identification Method Allocation Method Winkin $ 95,390 $ 95,390x Nod $ 95,390 x $ 95,390 x Blinkin $ 565,891 $ 279,720 x
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Step 1: Explain S corporation
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Step 2: Compute reported income under the daily allocation method
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Step 3: Computate reported income under the specific identification method
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