Solved: Maddie is a shareholder in doggie daycare inc an s, Accounting Basics

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Maddie is a shareholder in doggie daycare inc an s

Question: Maddie is a shareholder in Doggie DayCare, Inc. an S Corporation. Her initial investment was $1,000. Since inception, Doggie DayCare has "passed thru" income of $65,000 to Maddie, made distributions of $50,000, and had ordinary losses from the sale of kennels of $5,000. To purchase new equipment, Maddie guaranteed a loan of $30K from PupGo Bank to Doggie DayCare, Inc. What is her basis?

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Accounting Basics: Maddie is a shareholder in doggie daycare inc an s

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