Problem 5-33 (LO. 2)
Sally was an all-state soccer player during her junior and
senior years in high school. She accepted an athletic scholarship
from State University. The scholarship provided the following:
Tuition and fees
$15,000
Housing and meals
$6,000
Books and supplies
$1,500
Transportation
$1,200
a. Determine the effect of the scholarship on
Sally's gross income.
Included in/Excluded from
Income
Tuition and fees
Housing and meals
Books and supplies
Transportation
b. Sally's brother, Willy, was not a gifted
athlete,...