Which of the Following Are Likely to Be a Separately

question 153

Multiple Choice

Which of the following are likely to be a separately stated item for an S corporation.

• A)Interest expense on a business loan.
• B)Deduction for accrued salaries.
• C)Cost of goods sold.
• D)The gain on the sale of depreciable property used in a business and held for more than one year.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Leather Boots

Footwear made from the hide of animals, treated for durability and aesthetics, often chosen for protection or style.

Mexico

A country located in the southern portion of North America, known for its rich culture, history, and diverse landscapes.

United States

A country located in North America, consisting of 50 states and a federal district, known for its large economy and diverse population.