Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, howmuch income should each report from SleepEZ for 2023 under both the daily allocation and the specificidentification allocation methods? Refer to the following table for the timing of SleepEZ's income.PeriodJanuary 1 through March 17 (76 days)March 18 through December 31 (289 days)January 1 through December 31, 2023 (365 days)Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.c. On March 17, 2023, Winkin and Nod each sell their shares to Blinkin.WinkinNodBlinkinIncome ReportedDailyAllocationMethodSpecificIdentificationMethodIncome$ 150,000400,000$ 550,000

Given :Total Income = $ 550,000January 1 to March 17 is $ 150,000March 18 to December 31 is $…

Answered: On March 17, 2023, Winkin and Nod each…

Business

Accounting

On March 17, 2023, Winkin and Nod each sell their shares to Blinkin.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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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. b. On March 15, 2023, Blinkin sells his shares to Nod.
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 Specific Identification Daily Allocation Method Method Winkin Nod Blinkin SSS 95,390 $ 95,390 x $ 95,390 $ 95,390x $ 565,891 × $ 279,720x
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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ’s income. Period Income January 1 through March 15 (74 days) $ 125,000 March 16 through December 31 (291 days) 345,500 January 1 through December 31, 2021 (365 days) $ 470,500 a. There are no sales of SleepEZ stock during the year.
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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) c. On March 1, 2021, Winkin and Nod each sell their shares to Blinkin. Income Reported Daily Allocation Specific Identification Method Method Winkin Nod Blinkin
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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. There are no sales of SleepEZ stock during the year. Income Reported Daily Allocation Specific Identification Method Method Winkin Blinkin Nod
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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 January 1 through December 31, 2021 (365 days) $ 475,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. On March 1, 2021, Blinkin sells his shares to Nod. Income Reported Specific Daily Allocation Identification Method Method Winkin Blinkin Nod
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SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $510,000 Salaries expenses (210,000) Rent expense (52,000) Long service leave expenses (50,000) Depreciation expense - Plant (30,000) Bad debt expense (19,000) Accounting Profit Before Tax $149,000 The Statement of Financial Position (Extract/partial) As at 30 June 2021 Assets: Cash $152,000 Inventories 198,000 Account receivables (net) 179,000 Prepaid rent 51,000 Plant 150,000 Accumulated depreciation - plant (30,000) 700,000 Liabilities: Revenue received in advance 52,000…
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