Jordan Is the Sole Proprietor of Adams Company That Reported

question 101

Multiple Choice

Jordan is the sole proprietor of Adams Company that reported $70,000 of income and $13,000 of expenses for the year.During the year he withdrew $11,000 from the business for personal use.Jordan is in the 24% marginal tax bracket.How much income from the above must Jordan include in his gross income for the year?

• A)$68,000
• B)$57,000
• C)$14,250
• D)$11,000

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