Accounting > EXAM > ACCT MISC Comprehensive Module 1: Final Exam (All)
ACCT MISC Comprehensive Module 1: Final Exam
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Bob uses the cash method of accounting. During the tax year (calendar year), he had the following income and expenses: Interest on a savings account (credited to his account on January 2 of nex ... t year) $ 68 Dividend received from Virginia Credit Union $814 Interest received on a 5-year certificate of deposit (left in CD account to compound) $910 Penalty on the early withdrawal of the 5-year certificate of deposit $ 50 What is the amount of interest income Bob must report for the current tax year? a) $1,792 b) $ 910 c) $1,724 d) $1,674 [Show More]
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