Use the information below for this page of questions. Julie is single with no dependent. She receives a salary of $15,000 per month from Big Corporat Julie earned interest of $35,000 on City of Charlotte Bonds. Julie paid alimony of $40,000 to her former husband (divorce was finalized in 2015). Julie paid mortgage interest of $12,000 and mac deductible charitable contributions of $5,000. Salary $180,000 Interest earned on City of Charlotte Bonds $35,000 Charitable contribution made by Julie (in cash) $5,000 Mortgage interest expense for his home $12,000 Alimony paid to Julie's former husband $40,000 What is Julie's adjusted gross income for 2020?
Use the information below for this page of questions. Julie is single with no dependent. She receives a salary of $15,000 per month from Big Corporat Julie earned interest of $35,000 on City of Charlotte Bonds. Julie paid alimony of $40,000 to her former husband (divorce was finalized in 2015). Julie paid mortgage interest of $12,000 and mac deductible charitable contributions of $5,000. Salary $180,000 Interest earned on City of Charlotte Bonds $35,000 Charitable contribution made by Julie (in cash) $5,000 Mortgage interest expense for his home $12,000 Alimony paid to Julie's former husband $40,000 What is Julie's adjusted gross income for 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Use the information below for this page of questions.
Julie is single with no dependent. She receives a salary of $15,000 per month from Big Corporation.
Julie earned interest of $35,000 on City of Charlotte Bonds. Julie paid alimony of $40,000 to her
former husband (divorce was finalized in 2015). Julie paid mortgage interest of $12,000 and made
deductible charitable contributions of $5,000.
Salary
$180,000
Interest earned on City of Charlotte Bonds
$35,000
Charitable contribution made by Julie (in cash)
$5,000
Mortgage interest expense for his home
$12,000
Alimony paid to Julie's former husband
$40,000
What is Julie's adjusted gross income for 2020?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F037f21d4-056e-4956-8c4d-680ef9c60f26%2F873e8afc-c754-4fdd-8a46-5e08d6d6756f%2Fu0hm7si_processed.png&w=3840&q=75)
Transcribed Image Text:Use the information below for this page of questions.
Julie is single with no dependent. She receives a salary of $15,000 per month from Big Corporation.
Julie earned interest of $35,000 on City of Charlotte Bonds. Julie paid alimony of $40,000 to her
former husband (divorce was finalized in 2015). Julie paid mortgage interest of $12,000 and made
deductible charitable contributions of $5,000.
Salary
$180,000
Interest earned on City of Charlotte Bonds
$35,000
Charitable contribution made by Julie (in cash)
$5,000
Mortgage interest expense for his home
$12,000
Alimony paid to Julie's former husband
$40,000
What is Julie's adjusted gross income for 2020?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education