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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Income $ 125,000 350,000 $ 475,000 Period January 1 through March 1 (60 days) March 2 through December 31 (305 days) January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) c. On March 1, 2021, Winkin and Nod each sell their shares to Blinkin. Income Reported Daily Allocation Specific Identification Method Method Winkin Nod Blinkin

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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Income $ 125,000 350,000 $ 475,000 Period January 1 through March 1 (60 days) March 2 through December 31 (305 days) January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) c. On March 1, 2021, Winkin and Nod each sell their shares to Blinkin. Income Reported Daily Allocation Specific Identification Method Method Winkin Nod Blinkin

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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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 April 19 (109 days) April 20 through December 31 (256 days) January 1 through December 31, 2023 (365 days) Income $ 209,000 359,000 $ 568,000 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. On April 19, 2023, Blinkin sells his shares to Nod. Income Reported Winkin $ Blinkin Nod Daily Allocation Method Specific Identification Method 189,333 $ 189.333 $ 69 69 69.667 309.000
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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (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. Income Reported Daily Allocation Specific Identification Method Method Winkin Blinkin Nod
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