The Following Items (In Thousands) Are Taken from the Financial

question 200

Multiple Choice

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014: What are total current assets at December 31, 2014?

• A) ¥78,000
• B) ¥96,000
• C) ¥108,000
• D) ¥654,000

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Definitions:

Itemize

This refers to the process of individually listing tax deductions on one's tax return, rather than taking the standard deduction.

Investment Interest Expense

The amount of interest paid on debt incurred for investments, allowing taxpayers to deduct it under certain conditions.

Gross Investment Income

The total income generated from various investment sources before any deductions or taxes are applied.

Medical Expense Deduction

A tax deduction allowed for unreimbursed medical expenses that exceed a certain percentage of the taxpayer's adjusted gross income.