If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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If the beginning balance in OAA is zero and the following transactions occur, what is the ending
OAA balance?
Depreciation recapture income
Payroll tax penalty
Tax-exempt interest
Nontaxable life insurance proceeds
Insurance premiums paid (nondeductible)
Charitable contributions
Oa. $6,700.
Ob. $1,300.
Oc. $27,500.
Od. $23,300.
$21,000
4,200
5,700
3,900
2,900
17,000
Transcribed Image Text:If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance? Depreciation recapture income Payroll tax penalty Tax-exempt interest Nontaxable life insurance proceeds Insurance premiums paid (nondeductible) Charitable contributions Oa. $6,700. Ob. $1,300. Oc. $27,500. Od. $23,300. $21,000 4,200 5,700 3,900 2,900 17,000
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