Find the Adjusted Gross Income

question 6

Multiple Choice

Find the adjusted gross income.
-Tom and Sandy Bowles had incomes of $19,889 and $8,129. They also had $303 in interest income and an adjustment of $856 in moving expenses.

• A)$28,321
• B)$27,162
• C)$29,177
• D)$27,465

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Definitions:

360-Day Year

An accounting method where the year is assumed to have 360 days, simplifying interest calculation by using 30-day months.

Ordinary Simple Interest Rate

An interest rate calculation where interest is only earned on the original principal, not on accrued interest.

360-Day Year

An accounting practice that simplifies interest calculations by assuming a year has 360 days.

Dealer Charged

The price or fee a dealer applies to a product or service, usually including their markup over the wholesale or dealer price.