Adrian was awarded an academic scholarship to state university for the 2017-2018 academic year. he received $6,500 in august and $7,200 in december 2017. adrian had enough personal savings to pay all expenses as they came due. adrian's expenditures for the relevant period were as follows: tuition, august 2017 $3,700 tuition, january 2018 3,750 room and board august-december 2017 2,800 january-may 2018 2,500 books and educational supplies august-december 2017 1,000 january-may 2018 1,200 determine the effect on adrian's gross income for 2017 and 2018.

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Frank Frey

25 May, 16:19

Adrian was awarded an academic scholarship to state university for the 2017-2018 academic year. he received $6,500 in august and $7,200 in december 2017. adrian had enough personal savings to pay all expenses as they came due. adrian's expenditures for the relevant period were as follows: tuition, august 2017 $3,700 tuition, january 2018 3,750 room and board august-december 2017 2,800 january-may 2018 2,500 books and educational supplies august-december 2017 1,000 january-may 2018 1,200 determine the effect on adrian's gross income for 2017 and 2018.

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Davis Branch · Answer 1

For 2017:

Scholarship - $6,500

Tuition - (3,700)

Books and supplies - (1,000)

Gross income - $1,800

For 2018:

Scholarship - $7,200

Tuition - (3,750)

Books and supplies - (1,200)

Gross income - $2,250

Adrian’s gross incomes for 2017 is $1,800 and 2018 is $2,250.