Will pluto include in his gross income

Assignment Help Accounting Basics
Reference no: EM133659574

Question: Pluto received a scholarship of $18,500 from Disney University to be used to pursue a bachelor's degree. He spends $12,000 for tuition, $1,500 on books and supplies, $4,000 for room and board, and $1,000 on personal expenses. How much, if any, will Pluto include in his gross income?

Reference no: EM133659574

Questions Cloud

About hour to run errand : You are at your friend's house hanging out. The only adult watching you left for about an hour to run an errand.
Compute the percentage change in total current assets : Total current assets $219,200 $191,300 Compute the percentage change in total current assets using the horizontal analysis method
Calculate the profit margin for each area by subtracting : calculate the profit margin for each area by subtracting the relevant costs from the revenue. Finally, use these profit margins to forecast future profitability
Operating income as was earned in 2023 : How much must total sales dollars be so that Stella Industries earns the same $2,550,000 operating income as was earned in 2023
Will pluto include in his gross income : He spends $12,000 for tuition, $1,500 on books and supplies, $4,000 for room and board, and $1,000 on personal expenses. How much, if any, will Pluto include
Find the sentence level error increased compliance : Find the sentence level error Increased compliance can be achieved by providing the necessary sanitization products, and ensuring they are always available
Effects of the imputed interest rules : Purchase a residence Assume that the relevant Federal tax rate is 4% and that the loans were outstanding for just the last six months of the year
How can the managers attitude and handling of the situation : How can the manager's attitude and handling of this situation promote diversity, and inclusivity, and prevent bullying in the workplace?
Indicate the income tax consequences of an aoc : Indicate the income tax consequences of an AOC on the above properties for Sparkat Ltd. for its deemed taxation year ending November 14, 2023

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is eusociality what characteristics of hymenopterans

what is eusociality? what characteristics of hymenopterans favor the evolution and maintenance of eusocial behavior?no

  How much is the loss on lease at the end of the lease term

The cost and fair value of the equipment are P1,500,000 and P2,000,000. How much is the loss on lease at the end of the lease term

  Discuss the entity choices available to peachtree

What might be the entity's intent for not making a §754 election? In your discussion, use the terms duplicate loss and substantial built-in loss.

  Find what is acb of delta partnership interest at january

Delta's adjusted cost base (ACB) at January 1, 2017 was $59,000. What is the ACB of Delta's partnership interest at January 1, 2018?

  Find the break-even point in terms of quantity

Develop revenues, cost, and profit functions for the company in terms of quantity. Find the break-even point in terms of quantity

  Calculate the present value of after-tax cash flows

Calculate the present value of after-tax cash flows that would result if Evergreen purchases the equipment. Assume a 6% discount rate

  Determiningt the correct adjusting entry

The annual interest rate on the mortgage payable was 7.75 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. What should the correct adjusting entry b..

  Installment-sales method and cost-recovery method

On April 1, 2014, Joy Ltd. sold land for $600,000. The note will be collected as follows: $100,000 in 2014, $200,000 in 2015, and $300,000 in 2016. The property had cost Joy $122,000 when it was purchased in 2001.

  Calculate the expected value-standard deviation

Each restaurant would require a capital expenditure of $700,000, plus land acquisition costs of $500,000 for Albuquerque and $1 million for Santa Fe. The company uses the 10% yield on risk- less U.S. Treasury bills to calculate the risk-free annua..

  Update the cash receipts and cash payments journals

Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May

  What is their yield to call

The price of the bonds is $1,100. The bonds are callable in 5 years at a call price of $1,050. What is their yield to maturity? What is their yield to call

  Calculate the unit cost of a toy for year n

Delivery charges and customer relations: 20 euros per toy sold. Calculate the unit cost of a toy for year N

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