Hazel's receipts for the year are as follows: Gain on sale of Augusta County bonds $800       Interest on U.S. government savings bonds 400       Interest on state income tax refund 200       Interest on Augusta County bonds 700       a.   Classify the following items as "Included" or "Excluded" in Hazel's gross income.   Included in/Excluded from Gross Income Gain on sale of Augusta County bonds Included  Interest on U.S. government savings bonds Included  Interest on state income tax refund Included  Interest on Augusta County bonds Excluded  b.   Hazel's gross income is $fill in the blank 5

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Hazel's receipts for the year are as follows:

Gain on sale of Augusta County bonds $800      
Interest on U.S. government savings bonds 400      
Interest on state income tax refund 200      
Interest on Augusta County bonds 700      

a.   Classify the following items as "Included" or "Excluded" in Hazel's gross income.

  Included in/Excluded
from Gross Income
Gain on sale of Augusta County bonds Included 
Interest on U.S. government savings bonds Included 
Interest on state income tax refund Included 
Interest on Augusta County bonds Excluded 

b.   Hazel's gross income is $fill in the blank 5.
 
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