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Which of the following individuals can be claimed as a dependent in the current year? (Assume any test not mentioned has been satisfied) .
I.Kelly's mother, Dana, lives with her for 10 of 12 months during the year. Kelly provides all the support for Dana during that time. The other two months were spent with Dana's other daughter, Alice. Dana's annual income consists of $12,750 in Social Security and $1,850 of savings account interest. Kelly may claim Dana as a dependent.
II.Bart is a 22-year-old college student. His tuition of $7,000 is paid by a scholarship he received for his good high school record. He lives with his parents, who also provide him with $450 monthly support. Bart earns $1,950 mowing lawns in the neighborhood for other support. He may be claimed as a dependent of his parents.
Frequent Cash-Outs
Regular transactions where cash is withdrawn from a company's account, potentially affecting its liquidity or cash reserves.
Restrictive Policy
A financial policy or strategy that aims to limit credit expansion and investment, often to curb inflation or stabilize economic growth.
Raw Materials
Basic substances in their natural, modified, or semi-processed state, used as inputs for a production process for manufacturing goods.
Inventory Period
Inventory Period is the average time it takes for a company to convert its inventory into sales, indicating the efficiency of inventory management and sales processes.
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