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c. Calculate Cougar's ending AAA balance. 27,000 X जी

c. Calculate Cougar's ending AAA balance. 27,000 X जी

FINANCIAL ACCOUNTING
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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Problem 12-30 (LO. 6, 8) Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated. ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records. Tax-exempt interest income Salary paid to Johnny O Charitable contributions Dividends received from a non-U.S. corporation Short-term capital loss Depreciation recapture income Refund of prior state income taxes Cost of goods sold Long-term capital loss Administrative expenses Long-term capital gain Selling expenses Johnny's beginning stock basis Johnny's additional stock purchases Beginning AAA Johnny's loan to corporation $3,000 (52,000) (6,000) 5,000 (6,000) 11,000 5,000 (72,000) (7,000) (18,000) 14,000 (11,000) 32,000 9,000 31,000 20,000
Transcribed Image Text:Problem 12-30 (LO. 6, 8) Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated. ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records. Tax-exempt interest income Salary paid to Johnny O Charitable contributions Dividends received from a non-U.S. corporation Short-term capital loss Depreciation recapture income Refund of prior state income taxes Cost of goods sold Long-term capital loss Administrative expenses Long-term capital gain Selling expenses Johnny's beginning stock basis Johnny's additional stock purchases Beginning AAA Johnny's loan to corporation $3,000 (52,000) (6,000) 5,000 (6,000) 11,000 5,000 (72,000) (7,000) (18,000) 14,000 (11,000) 32,000 9,000 31,000 20,000
a. Compute Cougar's book income or loss. The entity's book income ✔ is $ Feedback Check My Work b. Compute Johnny's ending stock basis. 76,200 Feedback Check My Work c. Calculate Cougar's ending AAA balance. 27,000 X 88,000 ✔.
Transcribed Image Text:a. Compute Cougar's book income or loss. The entity's book income ✔ is $ Feedback Check My Work b. Compute Johnny's ending stock basis. 76,200 Feedback Check My Work c. Calculate Cougar's ending AAA balance. 27,000 X 88,000 ✔.
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