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Maxine,who is 76 years old and single,is appropriately claimed as a dependent on her daughter Beth's tax return.During 2013 she received $500 interest on a savings account.She had a part time job that earned $3,000.Her total itemized deductions were $1,300.
Required: Compute Maxine's taxable income for 2013.Show all calculations.
Customer Defaults
Occurs when a customer fails to fulfill their payment obligations for goods or services received.
Repay
To pay back or return money that was borrowed from an individual, institution, or entity.
Allowance for Doubtful Accounts
A contra-asset account used to estimate the portion of a company's receivables that may not be collectible.
Factoring Proceeds
The cash received by a company from selling its accounts receivable to a third party, often at a discount, to immediately improve cash flow.
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