For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods inventory as $12,000, and raw materials inventory as $8,000.
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The following account balances appear in the 2018 adjusted trial balance of Spiders Corporation: Common Stock, $21,000; Retained Earnings, $7,100; Dividends, $1,000; Service Revenue, $25,300; Salaries Expense, $15,100; and Rent Expense, $8,100.
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This year, Jiang, the sole shareholder of a calendar year S corporation, received a distribution of $17,000. On December 31 of the prior year, his stock basis was $3,000. The corporation earned $12,000 ordinary income during the year.
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