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Tema [17]
1 year ago
12

Beneficiary election for a taxable account is ___________________ at account opening and it is formally called _________________

_____.
Business
1 answer:
andre [41]1 year ago
7 0

Beneficiary election for a taxable account isn't automatic; at account opening and it is formally called Transfer on Death Instructions

Who is an eligible designated beneficiary?

Any of the following individuals are considered an eligible designated beneficiary (EDB): a surviving spouse, a disabled or chronically ill individual, a private who is not more than 10 years younger than the IRA owner, or a toddler of the IRA owner who has not reached the age of majority.

Who you ought to never name as your beneficiary?

Minors, disabled people and, in certain cases, your estate or spouse. Avoid leaving assets to minors outright. If you do, a court will appoint someone to seem after the funds, a cumbersome and sometimes expensive process.

What happens if no beneficiary is known as on bank account?

If a bank account has no joint owner or designated beneficiary, it'll likely have to go through probate. The account funds will then be distributed—after all creditors of the estate are paid off—according to the terms of the desire .

Learn more about beneficiary account :

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On October 1, 2018, Renfro Company purchased to hold to maturity, 4,000, $1,000, 9% bonds for $3,960,000 which includes $60,000
Nataliya [291]

Answer:

Carrying Value=$3,903,000

Explanation:

First we will calculate the face value:

Face value=4000*$1000

Face value=$4,000,000

Purchase Price= Bond Purchased price- Accrued Interest

Purchase Price=$3,960,000-$60,000

Purchase Price=$3,900,000

Total months=100 months

Straight line Discount amortization= (Face Value-Purchase Price)/Total Months

Straight line Discount amortization=($4,000,000-$3,900,000)/100

Straight line Discount amortization=$1,000

Discount Amortization=Straight line Discount amortization*Discount months

Discount Amortization=$1,000*3

Discount Amortization=$3,000.

Carrying Value=Purchase Price+Discount Amortization

Carrying Value=$3,900,000+$3,000

Carrying Value=$3,903,000

7 0
3 years ago
On April 1, 2016, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $57,200, ha
Harman [31]

Answer:

2016 Depreciation

Dr depreciation expense $5720

Cr Accumulated depreciation               $5720

2017 Depreciation

Dr depreciation expense $5720

Cr Accumulated depreciation               $5720

Journal entries for 2018 expenditure

Dr repairs and maintenance   $2900

Dr Equipment account             $11850

Cr Cash account                                          $14750

2018 Depreciation

Dr depreciation expense          $4800.83

Cr Accumulated depreciation                     $4800.83

Explanation:

There are two policies for depreciating non-current asset  especially when it is acquired part-way through the year like we have here, namely full year depreciation in the year of purchase and none in the year of disposal or proportional depreciation throughout the useful life,I am adopting the former in this question.

Formula for depreciation=cost-residual value/useful life

Yearly depreciation is ($57200-$0)/10=$5720

However,after two years the book value is calculated thus:

Book value=$57200-($5720*2)=$45760

additional cost incurred in enhancing the capacity of the asset would be added :  $45760 +$11,850=$57610

Since the useful life has also been reviewed up to 12 years, the depreciation from now on is $57610/12=$4800.83

5 0
3 years ago
Read 2 more answers
When an industry is a natural monopoly:
Margaret [11]

Answer:

The answer is D a larger number of firms will lead to a higher average cost

6 0
3 years ago
The _____ of the United States is the Federal Reserve.
SpyIntel [72]
The answer would be A. central bank
4 0
3 years ago
Read 2 more answers
In 2015, the city of Berkeley instituted a tax on sugar-sweetened sodas. Suppose that the tax increased the price of a typical s
DedPeter [7]

Answer:

(g) Between 0 and -S7.5k because residents can substitute to other products

Explanation:

Data given in the question

Increase in price of typical soda = 10 cents

Total consumed = 150,000 sodas [er day

Dropped quantity = 75,000 sodas

So by considering the above information, the per day compensating variation of the tax varies from 0 and - 7,500

Since the sugar sweetened sodas is treated as a normal goods. Moreover, people can substitute the other goods also if there is an increase in a price of the good

The -7,500 is come from = (-75,000 × 0.10)

The options are as follows

(a) Greater than -$15k because soda is a luxury good with income (b) -$15k because that is the old consumption level times the value of the tax (c) Between -S7.5k and -$15k because soda is a luxury good elasticity > 1 with income elasticity >1 (d) Between -$7.5k arti -$15k because residents can substitute to other products (e) -$7.5k because that is the new consumption level times the value of the tax ()-$7.5k because that is the change in consumption times the value of the tax (g) Between 0 and -S7.5k because residents can substitute to other products (h) Between 0 and -$7.5k because because beverages are typically necessity goods with 6) Nothing because there was no effect on income G) It is impossible to say without knowing consumers' marginal rate of substitution income elasticity less than 1

8 0
3 years ago
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