Solved: Rons rent in the dormitory where he lived would have been, Accounting Basics

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Rons rent in the dormitory where he lived would have been

Question - Ron, age 19, is a full-time graduate student at City University and Resident Adviser. During 2014, he received the following payments:

Cash award for being the outstanding resident adviser $1,500

State scholarship for ten months (tuition and books) $6,000

State scholarships (meals allowance) $2,400

Loan from college financial aid office $3,000

Cash support from parents $2,000

Total $17,400

Ron's rent in the dormitory where he lived would have been $5,000 for the year. What is Ron's adjusted gross income for 2014?

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Accounting Basics: Rons rent in the dormitory where he lived would have been

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Accounting Basics: Rons rent in the dormitory where he lived would have been

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