GAP Corp. is a calendar year S corporation with three shareholders. George and Anna each own 49 percent of the stock. Peter owns 2 percent of the stock. The corporation was formed on January 2, Year 1, and has been an S corporation since its inception. Using the exhibits, prepare a schedule of GAP's income, gain, loss, and deduction items for Year 2. In column B, enter the amount for federal income tax purposes. In column C, enter the amount included in GAP's Form 1120S ordinary business income (OBI) or loss. In column D, enter the amount included on GAP's Schedule K as a taxable or deductible separately stated item. Each item may have amounts entered in ordinary business income, separately stated items, or both. Enter income and gain amounts as positive numbers. Enter losses and deductions as negative numbers. If the amount is zero, enter a zero (0).   A B C D 1 Income, Gain, Loss, and Deduction Items Amount for Federal Income Tax Purposes Ordinary Business Income…

If cash is received before services are provided, what is the journal entry?A. Debit Revenue, Credit CashB. Debit Unearned Revenue, Credit CashC. Debit Cash, Credit Unearned RevenueD. Debit Accounts Receivable, Credit Revenue need help

Dennis Green and Peter Olinto are equal partners in Foxy Partnership. Peter is an active general partner. Dennis is a limited partner and is not involved in the operations of the business. Foxy Partnership's Year 2 financial statements are provided in the exhibits. Using the information provided, enter the appropriate amounts to be reported on page 1 of Foxy Partnership's income tax return in the table below.  Enter all amounts as positive whole values.  If a response is zero, enter a zero (0).   A B 1 Gross receipts or sales   2 Cost of goods sold   3 Salaries and wages   4 Guaranteed payments to partners   5 Repairs and maintenance   6 Bad debts   7 Rent   8 Depreciation   9 Other deductions   10 Ordinary business income (loss)

Dennis Green and Peter Olinto are equal partners in Foxy PartneDennis Green and Peter Olinto are equal partners in Foxy Partnership. Peter is an active general partner. Dennis is a limited partner and is not involved in the operations of the business. Foxy Partnership's Year 2 financial statements are provided in the exhibits.   Using the information provided, enter the appropriate amounts to be reported on page 1 of Foxy Partnership's income tax return in the table below.  Enter all amounts as positive whole values.  If a response is zero, enter a zero (0).   2. Cost of goods sold   3. Salaries and wages   4. Guaranteed payments to partners   5. Repairs and maintenance   6. Bad debts   7. Rent   8. Depreciation   9. Other deductions   10. Ordinary business income (loss)

If a business pays off a loan, which of the following will occur?A. Assets and liabilities increaseB. Assets and liabilities decreaseC. Only liabilities increaseD. Equity decreases

Which financial statement lists revenues and expenses?A. Balance SheetB. Cash Flow StatementC. Income StatementD. Retained Earnings Statementneed

No chatgpt! Which financial statement lists revenues and expenses?A. Balance SheetB. Cash Flow StatementC. Income StatementD. Retained Earnings Statement

Which financial statement lists revenues and expenses?A. Balance SheetB. Cash Flow StatementC. Income StatementD. Retained Earnings StatementNo Ai

Which financial statement lists revenues and expenses?A. Balance SheetB. Cash Flow StatementC. Income StatementD. Retained Earnings Statement