Which of the following is an entry on a broker cash reconciliation statement?
A. Expenses of the buyer are shown as a disbursement
B. Expenses of the center shown as a receipt
C. Expenses of the buyer shown as a receipt
D. Expenses of the broker shown as a disbursement
Answer: A. Expenses of the buyer are shown as a disbursement
Business
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Claudia owns 10% of the stock of Fitness Design Corporation, an S corporation. She is also its controller. Fitness Design reports taxable income of $70,000 and pays $60,000 in dividends to shareholders before considering Claudia's salary. Claudia receives a $75,000 salary. What is Claudia's income from Fitness Design?
a. $6,000 b. $74,500 c. $75,000 d. $81,000 e. $82,000
Business