Deborah,who Is Single,is Claimed as a Dependent on Her Parents

question 62

Multiple Choice

Deborah,who is single,is claimed as a dependent on her parents' tax return.She had a part-time job during 2015 and earned $850 during the year,which was her only income.What is her standard deduction?

• A)$850
• B)$1,050
• C)$1,200
• D)$6,300

Identify the conditions under which a lease is classified as a capital or operating lease for accounting purposes.

Recognize the financial implications of leasing for both the lessee and the lessor.

Comprehend the role and terms of sale and leaseback agreements.

Identify characteristics and implications of direct leases.

---

Definitions:

Legal Liability

The legal responsibility to compensate for harm or damage caused by one's actions or failure to act.

Independent Contractor

A person who provides services to another entity under terms specified in a contract, but is not considered an employee of the company.

Office Equipment

Tangible property like desks, chairs, computers, and printers used in an office setting to facilitate work and operations.

Later Transfer

The act of moving or conveying property, rights, or entitlements to another party at a future date.