Robin's Parents Can Claim Him as a Dependent on Their

question 105

Multiple Choice

Robin's parents can claim him as a dependent on their tax return. In 2015, his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year. What is Robin's standard deduction?

• A) $1,050.
• B) $3,550.
• C) $3,200.
• D)$6,200.

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Definitions:

Subsidiary Ledgers

Detailed ledgers that provide a breakdown of individual accounts that are summarized in the general ledger.

Customers Ledger

A subsidiary ledger containing individual accounts for customers, showing each customer's sales, payments, returns, and the current balance owed.

Creditors Ledger

A ledger that keeps records of the amounts owed by the business to its suppliers or creditors.

Revenue Journal

This is an accounting journal that records all the sales transactions of a company where revenue is recognized, detailing the amount and source of each sale.