Victoria Is a Single with Two Qualifying Children and AGI

question 101

Multiple Choice

Victoria is a single with two qualifying children and AGI of $24,000.What is her EIC?

• A) $496.
• B) $3,305.
• C) $4,161.
• D) $5,460.

---

Definitions:

Consolidated Income Statement

A financial report that combines the income, expenses, and net profit of a parent company and its subsidiaries, showing the total earnings of the entire corporation.

Non-Controlling Interests

A minority stake in a company, representing shareholders who do not have controlling interest or decision-making power in the enterprise.

Goodwill

Goodwill represents the excess of the purchase price paid for an acquired company over the fair value of its identifiable net assets at the time of acquisition.

Equity Method

An accounting technique used to record investments in which the investor has significant influence over the investee, recognizing their share of the profits and losses.