During 2019, Enrique Had the Following Transactions Enrique's AGI Is:
A) $62,000

question 19

Multiple Choice

During 2019, Enrique had the following transactions: $\begin{array}{lr}\text { Salary } & \$ 70,000 \\\text { Interest income on Xerox bonds } & 2,000 \\\text { Inheritance from uncle } & 40,000 \\\text { Contribution to traditional IRA } & 5,500 \\\text { Capital losses } & 2,500\end{array}$ Enrique's AGI is:

• A) $62,000.
• B) $64,000.
• C) $67,000.
• D) $102,000.
• E) $104,000.

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Definitions:

Statement of Cash Flows

A financial statement that shows the cash inflows and outflows for a business over a specified period.

Retained Earnings

The amount of net earnings left over for the company after it has paid out dividends to its shareholders.

Dividend Declarations

The announcement by a company's board of directors to pay a dividend to its shareholders, specifying the amount and date.