FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Clark, a widower, maintains a household for himself and his two dependent preschool children. For the year ended December 31, 2015, Clark earned a salary of $32,000. He paid $3,600 to a housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp for child care. He had no other income or expenses during 2015. How much can Clark claim as a child and dependent care credit in 2015?
a. $910.
b. $1,300.
c. $1,326.
d. $5,100.
e. None of the above.
Which financial statement reports operating performance for a specific period of time?
a. Balance sheet
b. Income statement
c. Statement of changes in shareholders' equity
d. Statement of retained earnings
e. Statement of Cash Flows
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