Question
____ 26. Ron, age 19, is a full-time graduate student at City University. During 2016, he received the following payments: State scholarship for ten months
____ 26. Ron, age 19, is a full-time graduate student at City University. During 2016, he received the following payments:
| State scholarship for ten months (tuition and books) | $ 7,000 |
| Loan from college financial aid office | 6,000 |
| Gift from his aunt | 3,500 |
| Cash award for being the outstanding resident adviser | 2,000 |
| $18,000 |
Ron served as a resident advisor in a dormitory and, therefore, the university waived the $3,500 charge for the room he occupied. What is Rons adjusted gross income for 2016?
| a. | $3,500. |
| b. | $18,000. |
| c. | $2,000. |
| d. | $10,500. |
| e. | None of the above. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Principles And Practice Of Auditing
Authors: George Puttick, Sandra Van Esch
7th Edition
0702137723, 978-0702137723
