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During the year, Walter had the following transactions: Salary $80,000 Capital loss from a stock investment (4,000) Moving expense to change jobs (10,000) Received repayment of $10,000 loan he made to his brother in 2005 (includes interest of $1,000) 11,000 Property taxes on personal residence 2,000 Walters AGI is: a. $66,000 b. $68,000 c. $69,000 d. $78,000 e. None of the above

During the year, Walter had the following transactions: Salary $80,000 Capital loss from a stock investment (4,000) Moving expense to change jobs (10,000) Received repayment of $10,000 loan he made to his brother in 2005 (includes interest of $1,000) 11,000 Property taxes on personal residence 2,000 Walters AGI is: a. $66,000 b. $68,000 c. $69,000 d. $78,000 e. None of the above

FINANCIAL ACCOUNTING
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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During the year, Walter had the following transactions: Salary $80,000 Capital loss from a stock investment (4,000) Moving expense to change jobs (10,000) Received repayment of $10,000 loan he made to his brother in 2005 (includes interest of $1,000) 11,000 Property taxes on personal residence 2,000 Walters AGI is: a. $66,000 b. $68,000 c. $69,000 d. $78,000 e. None of the above
Transcribed Image Text:During the year, Walter had the following transactions: Salary $80,000 Capital loss from a stock investment (4,000) Moving expense to change jobs (10,000) Received repayment of $10,000 loan he made to his brother in 2005 (includes interest of $1,000) 11,000 Property taxes on personal residence 2,000 Walters AGI is: a. $66,000 b. $68,000 c. $69,000 d. $78,000 e. None of the above
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