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Fynjy0 [20]
3 years ago
11

Armando, a manager for Petros Pizza Pies (PPP), dies in an accident on July 12. PPP pays his wife, Penelope, $600 in salary that

had accrued before Armando died. Armando was covered by a $90,000 group term life insurance policy, which is also paid to Penelope. In addition, the board of directors of PPP authorizes payment of $6,000 to Penelope and $4,000 to their child in recognition of Armando's years of loyal service and contributions to the success of the company. What are the tax consequences of the payments to Penelope and her child?
Business
1 answer:
stepan [7]3 years ago
8 0

Answer:

Explanation:

Ms. P receives $6,000 from Company P due to her husband A's loyal service and She receives $600 that her husband earned prior to his death. Hence, Ms P earns a total of $6,600 ($6000 + $600) gross income.

The amount of $90,000 receive from the life insurance proceeds are excluded from the gross income.

Ms P's daughter receives $4,000 from company P. It should be included in her daughter income.

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Explanation:

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Database Marketing

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3 years ago
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Business head Brent wants to categorize items under the Challenge, Risk, and Reward headings for his IS implementation presentat
Savatey [412]

Answer:

Challenge

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Risk

  • Loss of Confidentiality
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Reward

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7 0
3 years ago
__________________ represents the total benefits offered to consumers through a channel of distribut
bezimeni [28]
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7 0
3 years ago
On March 14, Teal Co. accepted a 120-day, 6% note in the amount of $10,000 from AZC Co., a customer. On the due date of the note
Y_Kistochka [10]

Answer:a credit to  Interest revenue for $200

Explanation:

Interest =  Principal x rate x time ( period )

= $10,000 x 6% x 120/360

=$200

    Account titles and explanation               Debit Credit  

                       Cash                                $10,200  

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Therefore, The journal entry that Teal would make to record payment of this note would include a credit to  Interest revenue for $200

5 0
2 years ago
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