Mckain inc. a calendar year s corporation incurs the, Ask an Expert

Accounting

McKain, Inc., a calendar year S corporation, incurs the following items.

Sales $141,000
Depreciation recapture income 12,000
Short-term capital gain 17,020
Cost of goods sold (45,000)
Municipal bond interest income 5,000
Administrative expenses (15,000)
Depreciation expense (21,000)
Charitable contributions (12,300)

Calculate McKain's nonseperately computed income.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445528

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