(Answered) Question - boles a calendar year s corporation has the

Accounting

Question - Boles, a calendar year S Corporation has the following:

Gross Receipts of $70,000; Tax Exempt Interest Income of $4,000; Dividends of $10,000; Supplies Expense of $3,000; and Utilities Expense of $1,500. What amount is the S Corporation's ordinary taxable income?

A) $65,500

B) $79,500

C) $70,000

D) $75,500

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