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During the year,Cathy received the following: • Dividends of $4,000 from Lindsay Corporation.Cathy's father owns the stock and directed the corporation to send the dividends to Cathy.
• A car worth $30,000 for being the 1,000th customer at a car dealership.
• $5,500 cash gift from her uncle.
• $10,000 inheritance from her grandmother.
What amount must Cathy include in gross income?
Prepaid Insurance
An asset account representing insurance premiums paid in advance, which are expensed as the insurance coverage pertains to future accounting periods.
Fees Earned
Revenue generated from professional services provided to clients.
Insurance Expense
The cost incurred by a business for obtaining insurance coverage against risks, reflected as a periodical premium payment in financial statements.
Credit
The provision of resources (like money) by one party to another, with the expectation of repayment or return in the future.
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