Bruce is a 25% shareholder in Delights, Inc., a frozen yogurt store in Champaign, IL operating as an S-Corporation. Based on the following items reported on Delights, Inc. 2023 Form1120-S Schedule K, how much ordinary income would be allocated to Bruce on his K-1? Line 1 Ordinary Business Income: $160,000 Line 5 Ordinary Dividends: $2,400 Line 6 Qualified Dividends: $2,400 Line 12a Charitable Contributions: $8,000

Bruce is a 25% shareholder in Delights, Inc., a frozen yogurt store in Champaign, IL operating as an S-Corporation. Based on the following items reported on Delights, Inc. 2023 Form1120-S Schedule K, how much ordinary income would be allocated to Bruce on his K-1? Line 1 Ordinary Business Income: $160,000 Line 5 Ordinary Dividends: $2,400 Line 6 Qualified Dividends: $2,400 Line 12a Charitable Contributions: $8,000

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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