Accounting MNO, an S corporation, has an AAA balance of $10,000 at the beginning of the year. During the year, MNO reports ordinary business loss of (20,000), dividend income of 5,000, and capital gain of 2,000. MNO makes a 20,000 distribution to it's share holders in the current year. What is MNO's AAA balance at the end of year?

Accounting MNO, an S corporation, has an AAA balance of $10,000 at the beginning of the year. During the year, MNO reports ordinary business loss of (20,000), dividend income of 5,000, and capital gain of 2,000. MNO makes a 20,000 distribution to it's share holders in the current year. What is MNO's AAA balance at the end of year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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