Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc corp. paid two cash distributions during year

abc corp. paid two cash distributions during year 5. the first was $42,000, and the...

90.2K

Verified Solution

Question

Accounting

ABC Corp. paid two cash distributions during year 5. The first was $42,000, and the second was $33,000. Accumulated earnings and profits (E & P) at the end of year 4 were $10,000. Current E & P for year 5 is $30,000. How will the first distribution be allocated between current E & P and accumulated E & P? Can you also please explain the Accumulated E&P calculation as well & the Distribution of Current E&P Calculation? Thank you

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

5y 5 6 54 3 2 7 Ay 5 Lady

Algebra
Q

Refrigerant-134a enters an adiabatic compressor as saturated vapor at 160 kPa at a rate of 2.8...

Mechanical Engineering
Q

Write the inequality using interval notation and illustrate the inequality using the real number line.-4?x?8

Basic Math
Q

Determine the point on the graph of the unit circle that corresponds to 2x Then...

Calculus
Q

12 Show that the vectors 1 2 6 3 2 1 and 7 10 9...

Calculus
Q

Select one answer A person must enter a 4 digit code to gain access to...

Algebra
Q

1 3 Point Slope Write the slope intercept form of the equation of the line...

Algebra
Q

Need help with part 3 only Part 3 Minimum Variance and Tangent Portfolios...

Accounting
Q

Time Remaining 38 minutes 48 seconds00:38:48 Item 2 Time Remaining 38 minutes 48 seconds00:38:48 Eppich...

Accounting
Q

Key comparative figures for Apple and Google follow. $ millions Apple Google Current Year Prior...

Accounting
Q

This assignment is due in Module 7. Using the textbook, supplemental readings, and other academic...

Finance
Q

Malaysia Tax Law Which of the following statements, in relation to an employer's...

Accounting