During 2021, Linx had the following transactions:Salary$50,000Bank loan (proceeds used to buy personal auto)10,000Alimony paid (divorce was finalized in 2010).12,000Child support paid6,000Gift from aunt20,000Linx s AGI is:a.$32,000.b.$56,000.c.$38,000.d.$44,000.

Linx s AGI = Salary - Alimony paid

Answered: During 2021, Linx had the following…

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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Salary	$50,000
Bank loan (proceeds used to buy personal auto)	10,000
Alimony paid (divorce was finalized in 2010).	12,000
Child support paid	6,000
Gift from aunt	20,000

During 2021, Linx had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Alimony paid (divorce was finalized in 2010). 12,000 Child support paid 6,000 Gift from aunt 20,000 Linx s AGI is: a.$32,000. b.$56,000. c.$38,000. d.$44,000.