Naomi and Matt Received the Following Amounts from a Tenant $\begin{array}{lll}\text {2 months rent }&\$2,200\\\text {Deposit }&1,600\\\end{array}$

question 71

Multiple Choice

Naomi and Matt received the following amounts from a tenant who is renting their condominium during the current year (rent is $1,500 per month) : $\begin{array}{lll}\text {2 months rent }&\$2,200\\\text {Deposit }&1,600\\\end{array}$
Rent for two months would normally have been $3,000,but the tenant paid $800 for a plumbing repair.The repair would normally have been paid by Naomi and Matt but the problem occurred while they were out of town.How much should Naomi and Matt report as rental income for the current tax year?

• A)$2,200
• B)$2,400
• C)$3,000
• D)$4,600

Evaluate the effects of international policies and tariffs on the U.S. economy during the depression.

Assess the role of the federal government in regulating industry and labor relations in the 1930s.

Understand the significance of public works and relief projects in economic recovery efforts.

Recognize the influence of the depression era on minority employment and legislation.

---

Definitions:

Work in Process Inventory

The total value of unfinished goods that are in the process of being manufactured at a given period.

Raw Materials Inventory

The stock of primary materials used in the manufacturing process before they are converted into finished goods.

Factory Labor

The direct and indirect labor costs incurred in manufacturing products, including wages and benefits of workers involved in production.

Total Manufacturing Costs

Sum of all costs directly involved in the manufacturing of a product, including raw materials, labor, and overhead expenses.