AccountingStock in Random Corporation is owned equally by two individual shareholders.During the current year, Random reports the following results:IncomeRentals: $200,000Dividend (from a 25% owned domestic corporation): 30,000Taxable interest: 15,000Short-term capital gains: 3,000Long-term capital gains: 17,000Expenses related to rental incomeInterest: $30,000Depreciation: 32,000Property taxes: 11,000Other Sec. 162 expenses: 50,000General and administrative expenses: 10,000Dividend paid on June 30: 15,000adjusted ordinary gross income?

Adjusted ordinary income is total income available from all sources after all deductions and…

During the current year, Random reports the following results: Income Rentals: $200,000 Dividend (from a 25% owned domestic corporation): 30,000 Taxable interest: 15,000 Short-term capital gains: 3.000

During the current year, Random reports the following results: Income Rentals: $200,000 Dividend (from a 25% owned domestic corporation): 30,000 Taxable interest: 15,000 Short-term capital gains: 3.000

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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Question

Accounting
Stock in Random Corporation is owned equally by two individual shareholders.
During the current year, Random reports the following results:
Income
Rentals: $200,000
Dividend (from a 25% owned domestic corporation): 30,000
Taxable interest: 15,000
Short-term capital gains: 3,000
Long-term capital gains: 17,000
Expenses related to rental income
Interest: $30,000
Depreciation: 32,000
Property taxes: 11,000
Other Sec. 162 expenses: 50,000
General and administrative expenses: 10,000
Dividend paid on June 30: 15,000
adjusted ordinary gross income?

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