The amount that Howard should report as taxable income from pensions and annuities when he files his tax return is $30, 000.
<h3>How to find the taxable income?</h3>
The Taxable income that Howard would report would depend on the contributions he made towards his retirement when he was still working. If these contributions were after - tax, then it would mean that he would not need to pay taxes.
However, as mentioned in the question, Howard did not contribute any after-tax dollars to the plan. This means that his entire income will be taxable.
Howard's taxable income would therefore be the entire $ 30, 000 annually.
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Answer:
What was Thompson Company’s unadjusted bank balance on the bank statement?
Bank Balance 1275
Explanation:
Ending cash balance 950
Service charge -25
NSF Check 200
Deposit is in transit -300
Oustandings checks 450
Bank Balance 1275
Answer:
This is known as social responsibility.
Explanation:
Social responsibility is an ethical theory, in which individuals are accountable for fulfilling their civic duty; the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.
Answer:
Accounts Receivable 960 Sales Revenue 960
Explanation:
Under periodic inventory system <u>inventory account is not updated for each purchase and each sale.</u>
<u>At the end of the period,</u> the total in purchases account is added to the beginning balance of the inventory to compute cost of goods available for sale.
Hence, the only entries will be between Sales revenue and accounts receivable.
Dr. Accounts receivable...960
Cr. Sales Revenue.......................960
Answer:
Instructions are listed below
Explanation:
Giving the following information:
Dina deposits $3,000 in a bank account that pays an annual nominal interest rate of 10%. The comic book is priced at $15.00.
We don't have the number of years on the investment. But we can figure out an answer.
With $3000 she can buy:
Number of comics= 3000/15= 200 comics.
Using the following formula we can calculate the amount of money that she will have at the end of several years.
FV= PV*(1+i)^n
For example:
1 year
FV= 3000*1.10^1= $3300
Comics= 3300/15= 220 comics
5 years:
FV= 3000*1.10^5= $5,315
Comics= 5315/15= 354 comics
