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how much income will be allocated to Roberto?

how much income will be allocated to Roberto?

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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Roberto and Reagan are both 25-percent owner/managers for Bright Light Incorporated. Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California. Bright Light Incorporated generated a $132,000 profit companywide made up of a $77,000 profit from the Sacramento store, a ($30,000) loss from the San Francisco store, and a combined $85,000 profit from the remaining stores. If Bright Light Incorporated is an S corporation, how much income will be allocated to Roberto? Multiple Choice $33,000.00 О $66,000.00 $77,000.00 О $132,000.00
Transcribed Image Text:Roberto and Reagan are both 25-percent owner/managers for Bright Light Incorporated. Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California. Bright Light Incorporated generated a $132,000 profit companywide made up of a $77,000 profit from the Sacramento store, a ($30,000) loss from the San Francisco store, and a combined $85,000 profit from the remaining stores. If Bright Light Incorporated is an S corporation, how much income will be allocated to Roberto? Multiple Choice $33,000.00 О $66,000.00 $77,000.00 О $132,000.00
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