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Business, 13.11.2019 01:31 001136843

Tracy and brenda are equal partners in crescent home furniture, which is organized as an s corporation. for the year, the company reports sales revenue of $450,000 and business expenses of $195,000. crescent also earns $18,000 in taxable interest and dividend income and $3,300 in tax-exempt interest on its investments. the investment portfolio consists of $45,000 in tax-exempt securities and $110,000 in taxable securities. not included in the business expenses is $3,200 crescent paid as investment interest expense.

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Tracy and brenda are equal partners in crescent home furniture, which is organized as an s corporati...
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