Mr and Mrs

question 17

Multiple Choice

Mr. and Mrs. Kay, ages 68 and 66, file a joint return. Mrs. Kay is legally blind. Compute their standard deduction.

• A)$12,200
• B)$15,800
• C)$14,600
• D)$13,400

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Definitions:

Investing Activities

These activities generate cash inflows and outflows related to acquiring or disposing of noncurrent assets such as property, plant, and equipment, long-term investments, and loans to another entity.

Cash Outflow

Money or financial resources leaving a business, typically for expenses, investments, or other payments.

Cash Equivalents

Short-term, highly liquid investments such as Treasury bills, commercial paper, and money market funds, that are made solely for the purpose of generating a return on temporarily idle funds.

Cash Flows

The total amount of money being transferred into and out of a business, especially as affecting liquidity.