Grace Has AGI of $60,000 in 2013 and 2014

question 29

Multiple Choice

Grace has AGI of $60,000 in 2013 and 2014.She makes cash contributions to public charities of $34,000 in 2013 and $31,000 in 2014.Grace's charitable contribution carryover to 2015 is

• A)$0.
• B)$1,000.
• C)$4,000.
• D)$5,000.

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Definitions:

Capital Stock

The total amount of shares that a company is authorized to issue, representing ownership in the company.

Accounts Receivable

Outstanding payments from clients to a company for delivered services or products.

Direct Method

A way of reporting cash flows from operating activities in which major classes of gross cash receipts and payments are disclosed.

Cash Received

The actual amount of money received by a company during a specific period, including from sales, services, loans, investments, and other sources.