please answer both the questions within 30 minutes.. 11A college student working on a degree in accountingreceived the following:A $4,000 scholarship used for tuition at StateUniversityA $1,000 scholarship used for fees and booksAn $8,000 fellowship used for room and boardCompute the amount that must be include in income...4.ships and Fellowships578. A degree candidate had education-relatedexpenses and received financial assistance as follows:●• Tuition: $3,000●A. $8,000B. $5,000C. $13,000D. $9,000●VA subsistence payments: $1,000Scholarship from a civic organization: $2,500How much income must be report as income?●School fees: $300Books and supplies: $900Room and board: $3,500Academic scholarship: $2,500A. $5,000B. $0C. $4,200D. $800

Taxable Income: Any amount of gross income produced that is included into the calculation of the…

17. A college student working on a degree in accounting received the following: A $4,000 scholarship used for tuition at State University A $1,000 scholarship used for fees and books . An $8,000 fellowship used for room and board Compute the amount that must be include in income. ● A. $8,000 B. $5,000 C. $13,000 D. $9,000

17. A college student working on a degree in accounting received the following: A $4,000 scholarship used for tuition at State University A $1,000 scholarship used for fees and books . An $8,000 fellowship used for room and board Compute the amount that must be include in income. ● A. $8,000 B. $5,000 C. $13,000 D. $9,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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create a journal entry for Jul 01 Purchased equipment, paying $6,060 cash and signing a 2-year note payable for $19,240. The equipment has a 8-year useful life. The note has a 9% interest rate, with interest payable on the first day of each following month.
PLEASE ANSWER WITHIN 30 MINUTES.
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