WebBirch Corp. is an accrual-basis, calendar-year C corporation. Its reported book income before federal income taxes was $250,000, which included $46,000 in municipal bond interest income. Birch's book expenses included $4,000 of interest incurred on indebtedness used to carry the municipal bonds. WebAll corporations must report per-share amounts for income from continuing operations and net income on the face of the income statement. If an entity has no discontinued operations, income from continuing operations equals net income.
Birch Corp., a calendar-year corporation, was formed three years …
http://linkup.imanet.org/financialplanningandanalysis/ourdiscussiongroup/viewthread?GroupId=1573&MID=23246&ssopc=1 WebBirch Corp., a calendar-year corporation, was formed three years ago by its sole shareholder, James, who has operated it as an S corporation since its inception. Last year, James made a direct loan to Birch Corp. in the amount of $7,750. Birch Corp. has paid the interest on the loan but has not yet paid any principal. small 12 volt winches
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