Marie had a good year. She received the following prizes and awards: - an iPad from The Famous Daytime Talk Show with a fair market value of $500 - lottery winnings of $1,000 received in cash - a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident -a $10,000 cash prize from American Idol How much of her prizes and awards should Marie report on her tax return? a.None, they are all excluded from income b.511,000; only cash prizes and awards are included cS11,500; the award from her job is excluded d.$11,700; the plaque may be excluded e.$11,725; everything is included at the highest amount

Marie had a good year. She received the following prizes and awards: - an iPad from The Famous Daytime Talk Show with a fair market value of $500 - lottery winnings of $1,000 received in cash - a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident -a $10,000 cash prize from American Idol How much of her prizes and awards should Marie report on her tax return? a.None, they are all excluded from income b.511,000; only cash prizes and awards are included cS11,500; the award from her job is excluded d.$11,700; the plaque may be excluded e.$11,725; everything is included at the highest amount

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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1. Marie had a good year. She received the following prizes and awards: - an iPad from The Famous Daytime Talk Show with a fair market value of $500 - lottery winnings of $1,000 received in cash - a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident - a $10,000 cash prize from American Idol How much of her prizes and awards should Marie report on her tax return? $11,500; the award from her job is excluded a. b. $11,600; the plaque may be excluded $11,625; everything is included at the highest amount C. d. $11,000; only cash prizes and awards are included None, they are all excluded from income e.
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