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Mush Fitness finished the year with $62,675 in gross receipts and sales. Customers of Mush Fitness...

Mush Fitness finished the year with $62,675 in gross receipts and sales. Customers of Mush Fitness were refunded a total of $550. Mush Fitness compensated their Officers with $40,000 in total. The company also paid their facility's annual rent of $11,000. What is the total income reported on the Form 1120S line 6?
a. $62,125
b. $62,475
c. $62,675
d. $69,550

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Answer #1

As per the form....format is given as under:

1a. Gross Reciepts or Sales.............................................................................62675

1b. Less: Returns Allowances............................................................................(550)

1c. Subtract Line 1b from 1a...............................................................................62125

2. Cost of Goods Sold........................................................................................0

3. Gross Profit(Subtracct 2 from Line 1c)..............................................................62125

4. Net gain loss from Form 4797............................................................................0

5. Other Income Loss...............................................................................................0

6. Total Income(Add lines 3 through 5)..................................................................62125.

Thus the answer is a. $62125.

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