Which of the Following Statements Is/are Correct

question 50

Multiple Choice

Which of the following statements is/are correct?
I.Terry's divorce decree provides that his ex-wife is to pay him alimony of $500 per month until their son reaches age 18 or dies, at which time the payment will be reduced to $300. Terry recognizes $300 of alimony income each month.
II.Jerry is the manager of Northgate apartments. He is required to live in an apartment in the complex that normally rents for $600 per month. Jerry must recognize $600 per month as income from his management job.
III.Lorraine's aunt dies during the current year. The aunt's $20,000 life insurance policy names Lorraine as the beneficiary. Lorraine receives $20,000 from the policy in December. Lorraine must include the $20,000 in her gross income.
IV.Helen receives a teaching assistantship from the music department that pays her $300 per month. Helen must work as a lab assistant 15 hours per week. Helen's total direct education costs are $9,000. Helen includes the $300 per month in her income.
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• A)Statements I and IV are correct.
• B)Statements II and III are correct.
• C)Statements II and IV are correct.
• D)Statements I and III are correct.

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Definitions:

Intertidal

The coastal zone between high and low tide lines, experiencing both marine and terrestrial conditions.

Pelagic Zone

The open ocean area away from the coastal regions, covering the water column not located on the sea bed.

Phytoplankton

Community of tiny drifting or swimming photosynthetic organisms.

Spines

Stiff, sharp projections on plants or animals, serving as a defense mechanism or structural support.