The following pertains to Ana, a resident citizen taxpayer: Fruits harvested to be sold at a later date            30,000 Interest on bank deposits                                     1,000 Dividends declared by ABC Company                     3,000 Increase in the market value of lot                        10,000 Gambling winnings                                               9,000 Gain on sale of goods by branch office               5,000 Income on goods delivered by home office to branch office for sale by the latter                                                                                      4,000 Indemnity received for moral damages claimed                         50,000 Ana’s employer cancelled her (Ana) first debt upon her request  5,000 Ana’s employer offset Ana’s second debt against her salary              4,000 69. Compute the total gross income of Ana.

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 20MCQ
icon
Related questions
Question
100%

The following pertains to Ana, a resident citizen taxpayer:

Fruits harvested to be sold at a later date            30,000

Interest on bank deposits                                     1,000

Dividends declared by ABC Company                     3,000
Increase in the market value of lot                        10,000
Gambling winnings                                               9,000

Gain on sale of goods by branch office               5,000
Income on goods delivered by home office to branch office for sale by the latter                                                                                      4,000

Indemnity received for moral damages claimed                         50,000

Ana’s employer cancelled her (Ana) first debt upon her request  5,000

Ana’s employer offset Ana’s second debt against her salary              4,000


69. Compute the total gross income of Ana.

A. 22,000

B. 23,000

C. 58,000

D. 103,000

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Computation of Taxable Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT