Scholarship from city university

Assignment Help Accounting Basics
Reference no: EM13148698

Sarah receives a $8,000 per year scholarship from City University. The university specifies that $2,000 is for tuition, books, supplies, and equipment for classes. The other $6,000 is for room and board. As part of the condition of the scholarship, Sarah must also work ten hours per week as a grader, for which she is paid $5,500 for the year. Of the total amount received, Sarah may not exclude Answer.

a. $5,500

b. $13,500

c.  $11,500

d. $7,500

Reference no: EM13148698

Questions Cloud

What is the issue price of the bond : Assume that the market interest rate at the date of issuance is 10 percent (5 percent per semiannual period). What is the issue price of the bond?
Explain the final results using a branching diagram : In dogs, dark coat (D) is dominant over albino (d) and short hair (S) is dominant over long hair (s). After crossing dogs with dark and short hair with albino dogs with long hair, in F2 a breeder got 89 dogs with dark and short hair, 31 dark, long..
Conclude admissions rate was higher-second than first year : A college accepted 512 of the 1,600 applicants one year, and 520 of the 1,300 applicants the next year. Can we conclude that the admissions rate was higher the second year than the first year?
Present value of the retirement benefit : Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Pena accept her employer's offer? Identiy the factors that cause the present value of the retirement benefit to be less than $500,000.
Scholarship from city university : Sarah receives a $8,000 per year scholarship from City University. The university specifies that $2,000 is for tuition, books, supplies, and equipment for classes. The other $6,000 is for room and board. As part of the condition of the scholarship..
Evolution of work on the laissez-faire : Trace the evolution of work on the laissez-faire doctrine through two arcs. First those theorists who are trying to prove that the system is stable
Naeyc observation : NAEYC Observation Assignment - This observation assignment will involve observing in a childcare classroom to complete a NAEYC Classroom Checklist
Find probability gallons are pumped during selected minute : The uniform distribution over the interval 7.5 to 10.5 gallons per minute. Find the probability that between 8.0 gallons and 9.0 gallons are pumped during a randomly selected minute.
Recognized gain and basis for bonds : Taxpayer receives stock as a gift from his uncle. The adjusted basis of the stock is $20,000 and the fair market value is $37,000. Taxpayer trades the stock for bonds with a fair market value of $35,000 and $2,000 cash. What is his recognized gain..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Violation of the profession ethical standard

A violation of the profession's ethical standards most likely would have occurred when a CPA:

  Cost recovery deduction of asset

The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.

  Prevention of management fraud in australia

Are there any other regulatory controls or mechanisms (other than internal controls) that could prevent management fraud in Australia? If so, briefly discuss the ability of these mechanisms to prevent fraud?

  Firm willingness to pay dividends

A decrease in a firm's willingness to pay dividends is likely to result from an increase in its:

  Flowchart for company new on-line cash receipts procedures

Prepare a systems flowchart for the company's new on-line cash receipts procedures. Have the new cash receipts procedures as designed and implemented by Consolidated Electricity Company created any internal control structure problems for the compan..

  Preparing the necessary journal entry

Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.

  Computing budgeted overhead application rate

Suppose a company uses machine hours as a cost-allocation base for factory overhead. How does the company compute a budgeted overhead application rate? How does it compute the amounts of factory overhead applied to a particular job?

  Budget for production period

Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period

  Expected rate of increase in housing prices

If mortgage rates rise from 5% to 10% but the expected rate of increase in housing prices rises from 2% to 9%, are people more or less likely to buy houses?

  Determining interest in the current year

Mark Hancock is a self employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2010, the IRS disallowed several business deductions he took in 2007 and 2008. In addition to paying the deficiency and assessed pe..

  What is the difference between the cash received

Duncan Brooks, Co., needs to borrow $500,000 to open new stores. Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement? How much must Brooks pay back at matur..

  Journalize the entries required

Vincent Corporation has 100,000 share of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 5% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $132 a share on June..

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