DEVRY ACCT 553 Week 2 Homework
Assignment
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ACCT 553 Week 2 Homework Assignment
Chapter 4
Your brother is short on cash and cannot pay his rent this month. You pay his rent for
him. Is this taxable income to your brother? Do you get a deduction? (2 pts)
Which of the following items would beexcludedfrom income? (a) $100 bill found
under the sugar caddy at the restaurant (b) Inheritance of a car from your
grandmother valued at $5,000. (c) Loan from your father-in-law to start your
business, (d) Child Support received totaling $16,500. (4 pts)
Chapter 5
Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36,
Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not