Earl and sandra own and operate a restaurant as an s corporation. each is a 50% owner. the business reports the following results for the year: revenue $ 480,000 business expenses 398,000 investment expenses 32,000 how do earl and sandra report these items for tax purposes on each of their individual returns?

a. $82,000 income on schedule e; $32,000 investment expense on schedule a. b. $480,000 income on schedule e; $16,000 investment expense on schedule a. c. $41,000 income on schedule e; $32000 investment expense on schedule a. d. $41,000 income on schedule e; $16,000 investment expense on schedule a.

Exercise 15-7 crawford corporation incurred the following transactions. 1. purchased raw materials on account $53,000. 2. raw materials of $45,200 were requisitioned to the factory. an analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. manufacturing overhead costs incurred on account were $81,700. 6. depreciation on the company’s office building was $8,100. 7. manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. goods costing $89,400 were completed and transferred to finished goods. 9. finished goods costing $76,000 to manufacture were sold on account for $105,100. journalize the transactions. (credit account titles are automatically indented when amount is entered. do not indent manually.) no. account titles and explanation debit credit (1) (2) (3) (4) (5) (6) (7) (8) (9) (to record the sale) (to record the cost of the sale) click if you would like to show work for this question: open show work