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Joanna received $60,000 of compensation from her employer, $30,000 of life insurance proceeds from the death of her husband, and the value of her stock in ABC Company appreciated by $5,000 during the year (but she did not sell any of the stock). What is the amount of Joanna's gross income? $60,000 $65,000 $95,000 $90,000

Joanna received $60,000 of compensation from her employer, $30,000 of life insurance proceeds from the death of her husband, and the value of her stock in ABC Company appreciated by $5,000 during the year (but she did not sell any of the stock). What is the amount of Joanna's gross income? $60,000 $65,000 $95,000 $90,000

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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Joanna received $60,000 of compensation from her employer, $30,000 of life insurance proceeds from the death of her husband, and the value of her stock in ABC Company appreciated by $5,000 during the year (but she did not sell any of the stock). What is the amount of Joanna's gross income? $60,000 $65,000 $95,000 $90,000
Transcribed Image Text:Joanna received $60,000 of compensation from her employer, $30,000 of life insurance proceeds from the death of her husband, and the value of her stock in ABC Company appreciated by $5,000 during the year (but she did not sell any of the stock). What is the amount of Joanna's gross income? $60,000 $65,000 $95,000 $90,000
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