Arthur, age 19, is a full-time student at Gordon College and is a candidate for a bachelor's degree. During 2019, he received the following amounts: $$\begin{array} { l r }
\text { Tuition scholarship } & \$ 2,400 \
\text { Loan from college financial aid office } & \$ 1,000 \
\text { Cash support from parents } & \$ 2,000 \
\text { Ordinary cash dividend } & \$ 200 \
\text { Cash prize awarded in contest } & \$ 300
\end{array}$$ What is his adjusted gross income for 2019?
A)$300
B)$500
C)$2,300
D)$2,500
E)None of these

Question

Arthur, age 19, is a full-time student at Gordon College and is a candidate for a bachelor's degree. During 2019, he received the following amounts: $$\begin{array} { l r } 
\text { Tuition scholarship } & \$ 2,400 \
\text { Loan from college financial aid office } & \$ 1,000 \
\text { Cash support from parents } & \$ 2,000 \
\text { Ordinary cash dividend } & \$ 200 \
\text { Cash prize awarded in contest } & \$ 300
\end{array}$$ What is his adjusted gross income for 2019?
A)$300
B)$500
C)$2,300
D)$2,500
E)None of these

Quizplus · Accepted Answer

Arthur's adjusted gross income includes the ordinary cash dividend of $200 and the cash prize of $300, totaling $500. The scholarship, loan, and cash support from parents are not included in the adjusted gross income.

Arthur, Age 19, Is a Full-Time Student at Gordon College