Carter Dies on January 1,2017

question 13

Multiple Choice

Carter dies on January 1,2017.A joint return election is made in 2017 and Marjorie properly qualifies as a surviving spouse for the two following years.Marjorie has one child that she claims as a dependent for this same period.The number of personal and dependency exemptions allowed Marjorie in 2017 and in 2018,respectively:

• A)1 and 1.
• B)2 and 2.
• C)3 and 2.
• D)3 and 3.

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Definitions:

Bad Debts Expense

The cost associated with accounts receivable that a company is unable to collect, recognized as an expense.

Aging Analysis

An accounting process that categorizes accounts receivable based on the length of time an invoice has been outstanding.

Bad Debts

Accounts receivable that a company determines it will not be able to collect.

Unadjusted Trial Balance

A financial report showing all accounts and their balances before adjustments, serving as a check on the correctness of the sums of debit and credit balances.