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10 May, 22:51

On 12/31/X4, Zoom, LLC reported a $61,500 loss on its books. The items included in the loss computation were $31,000 in sales revenue, $16,000 in qualified dividends, $23,000 in cost of goods sold, $51,000 charitable contribution, $21,000 in employee wages, and $13,500 of rent expense. How much ordinary business income (loss) will Zoom report on its X4 return?

A.) $8,000).

B.) ($26,500).

C.) ($61,500).

D.) ($96,500)

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Answers (1)
  1. 10 May, 23:00
    0
    Option (B) is correct.

    Explanation:

    Given that,

    Sales revenue = $31,000

    Cost of goods sold = $23,000

    Employee wages = $21,000

    Rent expense = $13,500

    Ordinary business income (loss) will Zoom report on its X4 return:

    = Sales revenue - Cost of goods sold - Employee wages - Rent expense

    = $31,000 - $23,000 - $21,000 - $13,500

    = - ($26,500)
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