MrAnd MrsDell,ages 29 and 26,file a Joint Return and Have No

question 33

Multiple Choice

Mr.and Mrs.Dell,ages 29 and 26,file a joint return and have no dependents for the year.Here is their relevant information: Standard Deduction Table. Compute their adjusted gross income (AGI) and taxable income.

• A)AGI $164,900; taxable income $134,700
• B)AGI $158,700; taxable income $132,500
• C)AGI $158,700; taxable income $108,500
• D)AGI $164,900; taxable income $8,500

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Definitions:

Total Liabilities

The sum of all monetary obligations a company owes to external parties, such as loans, accounts payable, and mortgages.

Owner's Equity

Represents the residual interest in the assets of a business after deducting liabilities, essentially the net worth belonging to the owners.

Total Assets

Represent the sum of all assets a company owns, including cash, inventory, property, and equipment, among others, showing the total value of what the company controls.

Period Of Time

A duration in which activities, processes, or conditions exist or take place.