Suri,age 8,is a Dependent of Her Parents and Has Unearned

question 90

True/False

Suri,age 8,is a dependent of her parents and has unearned income of $6,000.She must file her own tax return.

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Definitions:

Merchandise Inventory

Items that a company holds for the purpose of resale to customers in the ordinary course of business.

Gross Method

An accounting approach for recording purchases at the invoice price without deduction of any cash discounts offered.

Perpetual Inventory System

A strategy for managing inventory accounting that utilizes computerized point-of-sale systems and enterprise asset management software to immediately document sales or purchases.

Accounts Payable

Obligations a business has to its creditors, arising from the purchase of goods and services on credit.