In 2017,Mary Had the Following Items

question 78

Multiple Choice

In 2017,Mary had the following items:
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Assuming that Mary files as head of household (has one dependent child) ,determine her taxable income for 2017.

• A)$12,550
• B)$12,800
• C)$13,900
• D)$21,900
• E)None of the above

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Definitions:

Promissory Note

A financial document in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.

Accrued Interest

The interest that has accumulated on a debt over a period of time but has not yet been paid.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Net Credit Sales

The total value of sales made on credit minus any returns or allowances.