3. Grog Inc. (calendar year S Corporation) has BOY balance in AAA of $188,000 and the following information.c Cost of Goods Sold $100,000 $50,000 Distribution to Vinny $30,000 $350,000 $10,000 Tax Exempt Income $6,000 Vinny is a 25% shareholder in Grog Inc. In December of this year, he loaned Grog $75,000 because it was short of cash. His BOY stock basis was $125,000. Charity Sales Dividend Income a. What is Grog Inc.'s ending AAA balance b. What is Vinny's ending stock basis?

3. Grog Inc. (calendar year S Corporation) has BOY balance in AAA of $188,000 and the following information.c Cost of Goods Sold $100,000 $50,000 Distribution to Vinny $30,000 $350,000 $10,000 Tax Exempt Income $6,000 Vinny is a 25% shareholder in Grog Inc. In December of this year, he loaned Grog $75,000 because it was short of cash. His BOY stock basis was $125,000. Charity Sales Dividend Income a. What is Grog Inc.'s ending AAA balance b. What is Vinny's ending stock basis?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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