Sally and Jack Have Two Children,Thornton (Age 13)and Sirah (Age

question 15

Multiple Choice

Sally and Jack have two children,Thornton (age 13) and Sirah (age 8) .For 2011,there is a total parental tax of $5,500 related to the children's income.Thornton's net unearned income is $14,000,while Sirah's net unearned income is $6,000.How much of the parental tax would be allocated to Thornton on his 2011 tax return?

• A)$0
• B)$1,650
• C)$2,750
• D)$3,850
• E)$5,500

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Report Form

A layout of financial statements where the balance sheet is presented vertically, with assets listed first, followed by liabilities and equity.

Account Form

A presentation format for balance sheets where assets are listed on the left side and liabilities and equity on the right side.

Working Capital Form

A calculation method to determine a company's operational liquidity by subtracting current liabilities from current assets.

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