Required information [The following information applies to the questions displayed below.] Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days) Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. There are no sales of SleepEZ stock during the year. Answer is complete but not entirely correct. Income Reported Daily Allocation Specific Identification Method Method Winkin $ 156,833 $ 156,834 Blinkin $ 31,796 $ 41,667 x Nod $ 281,870 $ 272,000 ×
Required information [The following information applies to the questions displayed below.] Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days) Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. There are no sales of SleepEZ stock during the year. Answer is complete but not entirely correct. Income Reported Daily Allocation Specific Identification Method Method Winkin $ 156,833 $ 156,834 Blinkin $ 31,796 $ 41,667 x Nod $ 281,870 $ 272,000 ×
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
9
![Required information
[The following information applies to the questions displayed below.]
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions
listed below, how much income should each report from SleepEZ for 2023 under both the daily
allocation and the specific identification allocation methods? Refer to the following table for the
timing of SleepEZ's income.
Period
January 1 through March 15 (74 days)
March 16 through December 31 (291 days)
January 1 through December 31, 2023 (365 days)
Income
$ 125,000
345,500
$ 470,500
Note: Do not round intermediate calculations. Round your final answers to the nearest whole
dollar amount.
a. There are no sales of SleepEZ stock during the year.
Answer is complete but not entirely correct.
Income Reported
Daily
Allocation
Specific
Identification
Method
Method
Winkin
$ 156,833 $
156,834
Blinkin
$ 31,796
$
41,667 x
Nod
$ 281,870
$
272,000 ×](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7038cbde-5259-4f1b-ade8-fa8f6320a6eb%2Fdca58f3b-33d3-4069-ba63-1eef6e840ac5%2Fybsnjf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions
listed below, how much income should each report from SleepEZ for 2023 under both the daily
allocation and the specific identification allocation methods? Refer to the following table for the
timing of SleepEZ's income.
Period
January 1 through March 15 (74 days)
March 16 through December 31 (291 days)
January 1 through December 31, 2023 (365 days)
Income
$ 125,000
345,500
$ 470,500
Note: Do not round intermediate calculations. Round your final answers to the nearest whole
dollar amount.
a. There are no sales of SleepEZ stock during the year.
Answer is complete but not entirely correct.
Income Reported
Daily
Allocation
Specific
Identification
Method
Method
Winkin
$ 156,833 $
156,834
Blinkin
$ 31,796
$
41,667 x
Nod
$ 281,870
$
272,000 ×
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