Midterm Exam Question 4 Answer

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Midterm Exam

4.  Sarah receives a $8,000 per year scholarship from City University. The university specifies that $2,000 is for tuition, books, supplies, and equipment for classes. The other $6,000 is for room and board. As part of the condition of the scholarship, Sarah must also work ten hours per week as a grader, for which she is paid $5,500 for the year. Of the total amount received, Sarah may not exclude

  1. $7,500.
  2. $11,500.
  3. $13,500.
  4. $5,500.

 

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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam