What amount can kevin exclude from gross income

Assignment Help Accounting Basics
Reference no: EM13154071

Kevin is a candidate for an undergraduate degree at a local university. During 2010, he was granted a fellowship that provided the following:

Tuition $18,000
Books and supplies 2,000
Room and board 14,800

What amount can Kevin exclude from gross income in 2010?

1) $18,000

2) $20,000

3) $25,000

4) $32,800

5) $34,800

Reference no: EM13154071

Differentiate restricted funds in nonprofits and governments

Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting a

Capital stock and retained earnings account

The balances in Salza Company's capital stock and retained earnings account on the date of acquisition were $1,200,000 and $600,000 respectively.

Determine total current assets

The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010: What are total current assets?

How do the two journal entries look

The for-profit entity sells $120,000 with net 30-day terms, while the nonprofit entity has a fund raising drive for which they receive pledges of $120,000. How do the two jo

Determine henry recognized gain

Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80

Explain whether the ratio is positive or negative

Calculate the cost-benefit ratio. Explain whether the ratio is positive or negative. If positive, explain if you would replace a portion of the coal-burning operation or the w

What inventory costing method does wag use

What inventory costing method(s) does WAG use for determining the cost of artwork purchased as individual pieces?  What assumption is WAG making when accounting for the cost o

Amortizing the trademark

Your audit manager asks you whether Express should be amortizing the trademark. In addition, she wants to know if impairment losses should be recorded for the trademark and


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd