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Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1....

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Accounting

Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1.

For questions 1 through 4, determine the amount, if any, using the fact pattern for each item.

Assume the following facts:

Fedderman's 20X1 books recorded the following items:

Gross receipts $9,600

Interest income on investments 150

Charitable contributions 650

Supplies 2,000

What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K?

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{R} - {S}

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7,100

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