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 2022 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 February 12 (42 days) February 13 through December 31 (323 days) January 1 through December 31, 2022 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Income $ 128,000 362,000 $ 490,000

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 2022 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 February 12 (42 days) February 13 through December 31 (323 days) January 1 through December 31, 2022 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Income $ 128,000 362,000 $ 490,000

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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