An S corporation had the following income and expenses: Sales $240,000 Rent expense 25,000 Business meals 5,000 Interest income 1,500 Contributions to qualifying charities 600 IRC Section 179 expense 3,000 Depreciation expense 1,800 What would be reported as ordinary income on the corporation's income tax return

The amount that should be reported as the ordinary income on the income tax return of the corporation is $210,700.

Sales $240,000

Less: Rent expense  ($25,000)

Less: 50% Entertainment expense  ($2,500)

Depreciation  ($1,800)

Ordinary income $210,700

Ordinary income involved the sales amount, rent expense, 50% of entertainment expense, and the depreciation expense

Therefore, we can conclude that the amount that should be reported as the ordinary income on the income tax return of the corporation is $210,700.

Learn more about the depreciation expense here:

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