Elise,age 20,is a Full-Time College Student with Earned Income from Wages

question 83

Multiple Choice

Elise,age 20,is a full-time college student with earned income from wages of $4,400 and interest income of $500.Elise's parents provide more than half of her support.Elise's 2017 taxable income is

• A)$0.
• B)$150.
• C)$500.
• D)$3,850.

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Definitions:

Credit Balances

The total amount of money in accounts that represent a liability or income to a company, opposite of debit balances.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations, investment activities, and financing activities.

Operating Activities

Activities that are directly related to the primary business operations, such as selling goods and services.

Investing Activities

Transactions involving the purchase and sale of long-term assets and investments, reflected in a company's cash flow statement.