Indicate Whether Each of the Items Listed Below Would Be

question 62

Multiple Choice

Indicate whether each of the items listed below would be (a) included in gross income or (b) excluded from gross income for the 2019 tax year.
-Wages

• A)Included
• B)Excluded

---

Definitions:

Accounts Payable

Liabilities of a business representing its obligations to pay off a short-term debt to its creditors or suppliers.

Preferred Dividends

Payments made to preferred shareholders, typically fixed in amount or percentage, that are prioritized over dividends to common shareholders.

Inventory Increase

An upward adjustment in the book value of inventory, indicating a rise in the number of goods or materials on hand.

Noncash Investing

Transactions involving investment activities that do not involve immediate cash flows, such as exchanging one asset for another.