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Singles Apartments Corp., owned by three individuals, shows the following result for the year just ended: Rental income $150,000 Dividend income 7,000 Interest income 12,000 Depreciation 30,000 Mortgage interest 80,000 Property taxes 15,000 Salary 20,000 Dividends paid 14,000 The following statements about Singles Apartments are true, except: a. The adjusted ordinary gross income is $24,000. b. Personal holding company income is $19,000. c. The ordinary gross income is $169,000. d. It is not a personal holding company.

Singles Apartments Corp., owned by three individuals, shows the following result for the year just ended: Rental income $150,000 Dividend income 7,000 Interest income 12,000 Depreciation 30,000 Mortgage interest 80,000 Property taxes 15,000 Salary 20,000 Dividends paid 14,000 The following statements about Singles Apartments are true, except: a. The adjusted ordinary gross income is $24,000. b. Personal holding company income is $19,000. c. The ordinary gross income is $169,000. d. It is not a personal holding company.

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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Singles Apartments Corp., owned by three individuals, shows the following result for the year just ended: Rental income $150,000 Dividend income 7,000 Interest income 12,000 Depreciation 30,000 Mortgage interest 80,000 Property taxes 15,000 Salary 20,000 Dividends paid 14,000 The following statements about Singles Apartments are true, except:

a. The adjusted ordinary gross income is $24,000.

b. Personal holding company income is $19,000.

c. The ordinary gross income is $169,000.

d. It is not a personal holding company.

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