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 March 23 (82 days). March 24 through December 31 (283 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. Problem 22-49 part a (Algo) a. There are no sales of SleepEZ stock during the year. Winkin Income Reported Daily Allocation Method Specific Identification Method Income $ 160,000 408,000 $ 568,000

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 March 23 (82 days). March 24 through December 31 (283 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. Problem 22-49 part a (Algo) a. There are no sales of SleepEZ stock during the year. Winkin Income Reported Daily Allocation Method Specific Identification Method Income $ 160,000 408,000 $ 568,000

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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