Waters Corporation Is an S Corporation with Two Equal Shareholders

question 24

Multiple Choice

Waters Corporation is an S corporation with two equal shareholders, Mia Jones and David Kerns. This year, Waters recorded the following items of income and expense: $\begin{array}{llr} \text { Sales revenue} &\$500,000\\ \text {Interest income } &6,000\\ \text { Long-term capital gain } &10,000\\ \text {Cost of goods sold } &(250,000) \\ \text {Salary and wages } &(75,000) \\ \text { other operating expenses } &(55,000) \\\end{array}$
Waters distributed $25,000 to each of its shareholders during the year. If Mia has no other sources of income, what is her gross income for the year?

• A) $63,000
• B) $60,000
• C) $68.000
• D) $97,500

Examine strategies and research findings on reducing sexism and sexual harassment in the workplace.

Investigate the role of social norms and culture in perpetuating gender stereotypes and discrimination.

Understand the diversity of experiences related to sexual harassment and the factors that influence their impact on individuals.

Identify the barriers to occupational advancement faced by women and ethnic minorities, including the concept of the glass ceiling.

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Definitions:

Freight-in

The cost associated with transporting goods or inventory to a company, which is often included as part of the inventory cost.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including both raw materials and labor costs.

Operating Expenses

Expenses incurred during the normal operation of a business, not including the cost of goods sold.

Supplies Expense

The cost incurred from using supplies during an accounting period, recognized as an expense.