Amarillo company experienced the following events during its first accounting period. (1) purchased $5,000 of inventory on account. (2) returned $1,000 of the inventory purchased in event 1. (3) paid the remaining balance in accounts payable for the inventory purchased in event 1. (4) sold inventory purchased in event 1 for $5,000 to customers on account. at the end of the first accounting period what would be reported on the income statement for net income?

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?