Caleb's 2018 medical expenses before reimbursement for the year include the following:
Medical premiums $11,000
Doctors, hospitals $3,500
Prescriptions $600
Caleb's AGI for the year is $50,000. He is single and age 58. Caleb also receives a reimbursement for medical expenses of $1,000. Caleb's deductible medical expenses that will be added to the other itemized deduction will be
A) $10,350.
B) $9,100.
C) $14,100.
D) $10,100.
A) $10,350.
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Net income is shown on the work sheet as a(n)
a. debit in the Income Statement columns; b. credit adjustment to the Owner's Equity column; c. debit in the Balance Sheet columns; d. credit in the Trial Balance columns; e. adjusting entry.
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