Question
During 2017, Marvin (age 63) had the following transactions. Salary $370,000 Interest income on City of Denver bonds 2,000 Inheritance from uncle 40,000 Life insurance
During 2017, Marvin (age 63) had the following transactions.
| Salary | $370,000 |
| Interest income on City of Denver bonds | 2,000 |
| Inheritance from uncle | 40,000 |
| Life insurance proceeds as beneficiary | 5,000 |
| Social Security
| 20,000 |
|
|
|
Marvins Adjusted Gross Income for 2017 is:
| a. | $437,000 |
| b. | $434,000 |
| c. | $387,000 |
| d. | $392,000 |
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Frank Woods Business Accounting Volume 1
Authors: Alan Sangster Lewis Gordon Frank Wood
14th Edition
1292208627, 9781292208626
