Cindy was awarded a $6,000 scholarship to attend the state university. She spent $4,000 for tuition, $500
Question:
Cindy was awarded a $6,000 scholarship to attend the state university. She spent $4,000 for tuition, $500 for required textbooks, and $1,500 for room and board. She works part-time on campus earning $5,000, which covers the balance of her room and board and other expenses. How much must Cindy include in her gross income?
a. $0
b. $5,000
c. $6,500
d. $7,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
c 6500 The 4500 portion of the scholarship t...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
Question Posted:
Students also viewed these Business questions
-
Sara receives a $5,500 per year scholarship to attend the state university. Sara spends $4,000 for tuition, $500 for required textbooks and $1,000 for room and board. Sara also has a part-time job on...
-
Sara receives $5,500 per year scholarship to attend the state university .Sarah spends $4,000 for tuition, $500 for required textbooks and $1,000 for room and board. Sara also has a part time job on...
-
For each of the following situations, determine the amount of Gross Income to be included by the taxpayer. Situation 1 April received the following items in 2014 Salary...
-
Pew Research published survey results from two random samples. Both samples were asked, Have you listened to an audio book in the last year? The results are shown in the table below. a. Find and...
-
People who are deaf due to cochlear damage do not suffer motion sickness. Why not?
-
Cherokee Manufacturing Company established the following standard price and cost data: Sales price .............................................. $12.00 per unit Variable manufacturing cost...
-
List the major parts of a complex corporate income statement for WRS Athletic Clubs, Inc., for the year ended December 31, 2007. Include all the major parts of the income statement, starting with net...
-
Carl has had a couple of good years in his new business. However, in the current year he has a net operating loss of $80,000. He does not feel that the future of his business is very bright. As his...
-
1 . What are the four steps of producing a cost of production report? Please also explain why this report matters. 2 . What does equivalent units of production ( EUP ) mean, and why is it necessary...
-
John Dawson Jr., president of Dawson Stores, Inc., had a discussion with Stefanie Anderson, a loan officer at Springfield National Bank. Both Mr. Dawson and Dawson Stores, Inc., were deposit...
-
Marilyn received the following in the current year: Alimony (from a divorce decree finalized in 2017)........................$12,000 Child...
-
Chet, a cash-basis, calendar-year sole proprietor, repairs the computer system in his dentists office. On December 10, 2018, he sends the dentist a bill for $600 and records the account receivable....
-
Since employees may differ in terms of their job performance, would it not be more feasible to determine the wage rate for each employee on the basis of his or her relative worth to the organization?...
-
Many companies need to get funding from venture capitalists to get their business going. What are the major negatives of using venture capitalists to finance a business?
-
If so, how was it used (or presented)?
-
Can you compute an unadjusted rate of return now? Would you use it? Why?
-
Do stock splits provide a direct benefit to stockholders?
-
Oil was extracted from small particles of rapeseed, averaging 0.58 mm in size, by contact with hexane. The particles originally contained 43.82 percent oil and 6.43 percent moisture. After drying,...
-
Consider the following narrative describing the process of registering a car with the DMV: Heide lives in California and it is time to renew her automobile registration. The California DMV sends her...
-
Give an example of transitory income. What effect does this income have on the marginal propensity to consume?
-
Carol has recently incorporated her sole proprietorship and is considering making an S election. The corporation has $200,000 of gross revenue and expenses of $75,000 before Carols salary. She plans...
-
Go to the IRS website and click on About IRS, and then click on Tax Statistics. What sub headings appear under the Statistics of Income?
-
Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their income tax as single individuals, each of them would have taxable income of $350,000. Do they have a...
-
a) Consider two aircraft A and B flying at a constant altitude, A travelling due north at 120 ms-1 and B travelling 30 east of north, written N 30 E, at 200 ms-1. Determine, by scaled graphical...
-
Wendy runs a factory that makes stereo tuners. Each S100 takes 6 ounces of plastic and 4 ounces of metal. Each FS20 requires 3 ounces of plastic and 6 ounces of metal. The factory has 252 ounces of...
-
If the high temperature steam has a temperature of 2 9 7 . 7 K and the low temperature reservoir has a temperature of 1 4 7 . 8 K what is the carnot efficiency of this process
Study smarter with the SolutionInn App