What is Lily's adjusted gross income?
Lily had the following income and losses during the current year:
A) $135,000
B) $143,000
C) $165,000
D) $173,000
D) $173,000
$75,000 + $25,000 + $8,000 + $30,000 + $35,000 = $173,000. All of the income is subject to tax, including the illegally derived income and the flow though income from the partnership.
You might also like to view...
Which of the following statements is not accurate with respect to accounting for other post-retirement plan benefits (OPEB)?
A. A decrease in the discount rate assumption used may lead to a large gain for a company. B. A company which shifts its former salaried employees from its post-65 retiree health plan to spending accounts that allow participants to buy health care from private exchanges creates a reduction in earned benefits referred to as a negative plan amendment. C. The actuarially determined service cost of the plan is accrued over the required years of service to participate in the postretirement benefit plan (e.g. 10 years). D. Firms are required to make sensitivity disclosures regarding the effect of a 1% increase or decrease in the health care trend rate assumption.
The Chester Company has issued 10%, nonparticipating, cumulative preferred stock with a total par value of $400,000 and common stock with a total par value of $800,000. No dividends are in arrears. How much cash will be paid to the preferred stockholders and the common stockholders, respectively, if cash dividends of $180,000 are distributed?
A) $80,000 to preferred and $100,000 to common B) $60,000 to preferred and $120,000 to common C) $55,000 to preferred and $125,000 to common D) $40,000 to preferred and $140,000 to common
Which is true about the career paths available to service desk analysts?
A. The typical path is for service desk analysts to move into management after three to five years or after really strong employee reviews. B. Moving from an analyst position to one of management is difficult, as one has to maintain technical skills while also focusing on management. C. When service desk analysts move into management, one of the most difficult tasks they face is managing people who were previously their peers. D. Most often service desk management positions are given to those with management experience in different areas of the company.
When is a criminal said to be judgment proof?
A. when the criminal has not been read his Fifth Amendment rights prior to his arrest B. when the criminal does not have the money to pay a civil judgment C. when the criminal is found to be unfit to go to prison D. when the criminal has been deemed to be insane