Tiny and im each

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Subject: accounting 

4
of 5
Required information
[The following information applies to the questions displayed below.]
Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation. This year, Flower
reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due
to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000
of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.)
b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim
report? (Do not round intermediate calculations.)
Total
dividends
Answer is complete but not entirely correct.
February
15
$
Return to question
6,000
August 1
$ 23,000
Transcribed Image Text:4 of 5 Required information [The following information applies to the questions displayed below.] Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report? (Do not round intermediate calculations.) Total dividends Answer is complete but not entirely correct. February 15 $ Return to question 6,000 August 1 $ 23,000
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