The person who receives financial protection from a life insurance plan is called a Beneficiary. The other side is the policy owner. he beneficiary is usually selected at the time of the policy inception by the owner of the contract.Beneficiary Order
, Beneficiary Changeability and Beneficiary Legal Type are the three types of Beneficiaries for Life Insurance.
Answer:
B. The amount of equity reported by Frankfort Corporation is $672,000
Explanation:
Equity earnings
= Frankfort's share in net income of Bradley
= 1,680,000 * 40%
= 672,000
Option B
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Answer:
Revenue from investment = 229,400
Explanation:
Given:
Purchased shares = 37,000
Value per share = $52
Sherman Corporation total shares = 100,000
Cash dividends = $162000
Net income = $620000
Find:
Revenue from investment = ?
Computation:
Revenue from investment = Net income (Purchased shares / Sherman Corporation total shares)
Revenue from investment = $620000 (37,000 / 100,000)
Revenue from investment = 229,400
Answer:
$9,240 loss recognized
$43,000 basis
Explanation:
Tax basis of share purchase is the cost of share together with any tax related to this purchase.
Mr. Slake's loss recognized on the February 13 sale is $9,240 = total cost of 1,580 share purchased in the past - total amount collected from sales of these share = $49,240 - $40,000 = $9,240
His tax basis in purchase of 1,600 shares on Mar 2 is $43,000, the total cost he paid to acquire 1,600 shares
Answer:
all the given figures are wrong but i explained the correct procedure.
Explanation:
INCOME STATEMENT
Fees earned 17400
Expenses:
Depreciation expense 1300
Insurance expense 400
Supplies expense 3800 5500
Net Income 11900
Therefore, The Net income for the period is $11900.