Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions...
60.1K
Verified Solution
Link Copied!
Question
Accounting
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 2019 under both the daily allocation and the specific identification allocation method? 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, 2019 (365 days) | $ | 470,500 |
|
| ||
(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
a. There are no sales of SleepEZ stock during the year.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.