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3 years ago

Are scholarships included in gross income

Business

1 answer:

GarryVolchara [31]3 years ago

7 0

Answer:

Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form 1040 (PDF), include the taxable portion in the total amount reported on the "Wages, salaries, tips" line of your tax return

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You have just won the lottery and will receive $530,000 in one year. You will receive payments for 25 years, and the payments wi

polet [3.4K]

Answer:

Present value= $3,642,651.54

Explanation:

Giving the following information:

You have just won the lottery and will receive $530,000 in one year. You will receive payments for 25 years, and the payments will increase by 4 percent per year. The appropriate discount rate is 10 percent.

First, we need to calculate the final value using the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual payment= 530,000

i= 0.04 + 0.10= 0.14

n= 25

FV= {530,000*[(1.14^25)-1]}/0.14

FV= 96,391,538.43

Now, we can calculate the present value:

PV= FV/(1+i)^n

PV= 96,391,538.43/ (1.14^25)

PV= $3,642,651.54

7 0

3 years ago

If the net present value of the payments at the time of the leases was 88% of the actual market price and the useful life of the

Aliun [14]

Answer:

A. True

Explanation:

Examples of situations that individually or in combination would normally lead to a lease being classified as a finance lease are:

(a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

(b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised;

(d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and

(e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications.

Since at the time of lease the net present value of the payments is 88% of the actual market price and the useful life of the asset was 70% at the end of the lease term and also the title of asset shall not be transferred to lessee at the end of lease term, therefore the lease shall not be classify as finance lease and it shall be classified as operating lease so the answer is A. True

4 0

3 years ago

Pawnshops generally offer what type of service?

liberstina [14]

Based on my research below are the choices for the given question above:
<span>Check cashing
Loans on possessions
High interest savings accounts
Life insurance
Now, the answer for the question, pawnshop generally offers what type of service is the "Loans on Possessions.

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8 0

3 years ago

Read 2 more answers

On November 1, 2017, Austin Services issued $304,000 of five-year bonds with a stated rate of 11%. The bonds were issued at

Stells [14]

Answer:

The amount of interest expense was recorded for the period of January 1 to April 30, 2018 would be $11,147

Explanation:

According to the given data we have the following:

Bonds Amount=$304,000

Stated rate of interest=11%

To calculate the amount of interest expense was recorded for the period of January 1 to April 30, 2018 we have to calculate the following formula as follows:

Interest expense for period(Jan-April)=Semi Annual Interest-Interest expense payable on Dec31

Semi Annual Interest=$304,000*11%*6/12= $16,720

Interest expense payable on Dec31=$304,000*11%*2/12=$5,573

Therefore Interest expense for period(Jan-April)=$16,720-$5,573=$11,147

The Journal Entry would be as follows:

Debit $ Credit $

30-Apr Interest expense Account Dr. $11,147

Interest expense Payable Account Dr. $5,573

Cash Account $16,720

3 0

3 years ago

As women and minorities move up the management hierarchy, they're often finding it an easy road to travel.

Katarina [22]

The answer is false is is harder to move up because of racism and not wanting women to lead

7 0

3 years ago