FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Germaine was employed during the first six months of 2021 and earned an $80,000 salary.
During the next six months, he collected $7,200 of
He borrowed $6,000 (using his personal residence as collateral) and withdrew $1,000 from his savings account (on which he had earned $60 interest).
Germaine’s parents loaned him $8,000 (interest-free) on July 1 of the current year, when the federal rate was 3%.
Germaine did not repay the loan during the year and used the money for living expenses.
Please calculate Germaine’s adjusted gross income for the year.
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