Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 49. [lo 3] winkin, blinkin, and nod are equal shar

49. [LO 3] Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation....

70.2K

Verified Solution

Question

Accounting

49. [LO 3] 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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZs income.

Period

Income

January 1 through March 15 (74 days)

$125,000

March 16 through December 31 (291 days)

345,500

January 1 through December 31, 2021 (365 days)

$470,500

a. There are no sales of SleepEZ stock during the year.

b. On March 15, 2021, Blinkin sells his shares to Nod.

c. On March 15, 2021, Winkin and Nod each sell their shares to Blinkin.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

The real rate of interest has been estimated to be 4 percent, and the expected long-term...

Finance
1.2K views

Your boss has asked you to analyze a potential new product, and to recommend if the...

Physics
1.2K views

A 2690-kg spacecraft is in a circular orbit 2320 km above the surface of Mars. How much...

Physics
1.2K views

Plane wavefronts are incident on a as shown The reflected wavefronts will be D 1...

Basic Math
1.2K views

Ven because questions can be worth more or less (including zero) depending on your answeMatch...

Calculus
1.2K views

3=Given g(x)find g' (1).Round your answer to the nearest hundredths (two digits after the decimal).800x-6x

Algebra
1.2K views

If f x what is the value of f 4 to the nearest thousandth if...

Algebra
1.2K views

Step by Step Solution Step 1 and 2 Evaluate the expression in the parentheses first...

Accounting
1.2K views

Lopez Company is considering replacing one of its old manufacturing machines. The old machine has...

Accounting
1.2K views

Morganton Company makes one product and it provided the following information to help prepare the...

Accounting
1.2K views

Question ONE: Harbour Company makes two models of electronic tablets, the Home and the Work....

Accounting
1.2K views

On August 1, 2018, Limbaugh Communications issued $35 million of 10% nonconvertible bonds at 102....