Dave,age 59 and Divorced,is the Sole Support of His Mother

question 4

Multiple Choice

Dave,age 59 and divorced,is the sole support of his mother age 83,who is a resident of a local nursing home for the entire year.Dave's mother had no income for the year.Dave's filing status and exemptions claimed are

• A)head of household and one exemption.
• B)single and one exemption.
• C)head of household and two exemptions.
• D)single and two exemptions.

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Definitions:

Merchandise Inventory

refers to the goods available for sale to customers in the retail and wholesale industries.

Cost of Merchandise Sold

The total expense incurred by a business to sell goods over a period, including the cost of acquiring or manufacturing those goods.

Account Form

The form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and Liabilities and Owner’s Equity sections on the right side.

Merchandising Business

A type of business that purchases goods and resells them to consumers without changing their form, primarily making profit through the retail or wholesale of products.