Required information [The following information applies to the questions displayed below.] Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpAHill Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income (unrelated to business) Qualified dividend income Overall net income Ordinary income Qualified business income Interest income Dividend income Allocated wages Unadjusted basis of qualified property $ $ a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. Year 1 Jack 10,625 125 $ Year 1 $ 175,000 (60,000) (40,000) (15,000) Year 2 (10,000) (7,500) 2,000 500 $ 45,000 250 $ Year 2 $ 310,000 (85,000) (50,000) Year 1 (20,000) (15,000) (9,000) 2,500 1,000 $ 134,500 Jill $ 375 $ Year 2 98,250 750

Required information [The following information applies to the questions displayed below.] Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpAHill Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income (unrelated to business) Qualified dividend income Overall net income Ordinary income Qualified business income Interest income Dividend income Allocated wages Unadjusted basis of qualified property $ $ a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. Year 1 Jack 10,625 125 $ Year 1 $ 175,000 (60,000) (40,000) (15,000) Year 2 (10,000) (7,500) 2,000 500 $ 45,000 250 $ Year 2 $ 310,000 (85,000) (50,000) Year 1 (20,000) (15,000) (9,000) 2,500 1,000 $ 134,500 Jill $ 375 $ Year 2 98,250 750

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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