Which Item Does Not Appear on Schedule K of Form

question 142

Multiple Choice

Which item does not appear on Schedule K of Form 1120S?

• A) Tax-exempt interest income.
• B) Depreciation recapture income.
• C) Section 179 expense deduction.
• D) Section 1231 loss.
• E) All of the above appear on Schedule K.

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Definitions:

Units Transferred Out

In process costing, refers to the number of units moved from one production process to another, or to the finished goods inventory.

Ending Work In Process

The value of products partially completed by a business at the end of an accounting period.

Unit Costs

The cost incurred to produce, store, or purchase one unit of a product or service.

Costs Accounted For

The total costs recorded in the accounting system, including both direct and indirect costs, for a specific period or project.