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55. LO.2,4 Herbert was employed for the first six months of 2019 and earned $90,000 in...

Question:

55. LO.2,4 Herbert was employed for the first six months of 2019 and earned $90,000 in salary. During the next six months, he
55. LO.2,4 Herbert was employed for the first six months of 2019 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal residence as collateral), and withdrew $2,000 from his savings account (including $60 of interest). He received dividends of $550. His luck was not all bad; in December, he won $1,500 in the lottery on a $5 ticket. Calculate Herbert's gross income.

Answers

Salary          90,000
Unemploymenet compensation            8,800
Interest income                  60
Dividend income                550
Lottery winnings            1,500
Gross income       100,910
.

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