Question

Arthur, age 19, is a full-time student at Gordon College and is a candidate for a bachelor's degree. During 2020, he received the following amounts: Tuition scholarship $2,400 Loan from college financial aid office $1,000 Cash support from parents $2,000 Ordinary cash dividend $200 Cash prize awarded from a contest $300 What is his adjusted gross income for 2020

Answer 1

Answer:

$500

Explanation:

Calculation to determine the adjusted gross income for 2020

Ordinary cash dividend $200

Add Cash prize awarded from a contest $300

Adjusted gross income $500

($200+$300)

Therefore the adjusted gross income for 2020 will be $500