Can george claim andy as a dependent

Assignment Help Accounting Basics

Reference no: EM13131060

George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy as a dependent? Fully explain and provide assumptions.

Reference no: EM13131060

Questions Cloud

Earnings account to paid-in capital accounts : What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?

Prepare the entry to assign factory labor to production : The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer's payroll taxes for the factory payroll are $8,000.

Elucidate the amount of this inventory : Based on the preceding information, will Jarman report finished goods inventory on its balance sheet for Contract 1? If so, elucidate the amount of this inventory? If not, explain why not.

Probability that none of three selected persons is allergic : What is the probability that none of three randomly selected persons is allergic to this drug? Assume that all three persons are independent.

Can george claim andy as a dependent : George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..

Declaration and issuance of the stock dividend : A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 a share. The effect of the declaration and issuance of the s..

Depict a flow sheet to show how you would separate : Separation of acidic, basic & neutral substances in solution, Draw a flow sheet to show how you would separate the components of a mixture containing and acid substance

What should salary be if number of years of experience given : Assume that the variable B is the number of years of experience. Suppose the person has 2 years of college and 7 years of experience. What should their salary be?

What are the legal repercussions accounting wise : What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accountin..

User Account

All Pages