An individual received monthly payments of $500 as spousal support and $1,000 as child support for their 2 children, pursuant to a court order. The individual earned employment income of $25,000 and incurred childcare expenses of $8,000 for the 6 year old and $6,000 for the 8 year old. What net income or (loss) would be included in the "other income and deductions"? a) ($8,000) b) $5,000 c) ($6,000) d) ($7,000)
An individual received monthly payments of $500 as spousal support and $1,000 as child support for their 2 children, pursuant to a court order. The individual earned employment income of $25,000 and incurred childcare expenses of $8,000 for the 6 year old and $6,000 for the 8 year old. What net income or (loss) would be included in the "other income and deductions"? a) ($8,000) b) $5,000 c) ($6,000) d) ($7,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An individual received monthly payments of $500 as spousal support and $1,000 as child support for their 2 children, pursuant to a court order. The individual earned employment income of $25,000 and incurred childcare expenses of $8,000 for the 6 year old and $6,000 for the 8 year old. What net income or (loss) would be included in the "other income and deductions"?
a) ($8,000)
b) $5,000
c) ($6,000)
d) ($7,000)
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