Ask Question
24 April, 23:04

On 12/31/X4, Zoom, LLC, reported a $69,000 loss on its books. The items included in the loss computation were $36,000 in sales revenue, $21,000 in qualified dividends, $28,000 in cost of goods sold, $56,000 in charitable contributions, $26,000 in employee wages, and $16,000 of rent expense. How much ordinary business income (loss) will Zoom report on its X4 return

+2
Answers (1)
  1. 24 April, 23:25
    0
    -$34,000

    Explanation:

    As per the situation the solution of ordinary business income (loss) is here below:-

    Ordinary business income (loss) = Sales revenue - Cost of goods sold - Employee wages - Rent expenses

    = $36,000 - $28,000 - $26,000 - $16,000

    = - $34,000

    Therefore we simply applied the above formula to figure out the net loss that is - $34,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On 12/31/X4, Zoom, LLC, reported a $69,000 loss on its books. The items included in the loss computation were $36,000 in sales revenue, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers