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irinina [24]
3 years ago
8

Eliza has a policy that allows her to deduct the premiums she pays that exceed 10% of her adjusted gross income. Once she turns

65, she can deduct the premiums that exceed 7.5% of her adjusted gross income. Which type of policy does Eliza have?
Business
1 answer:
Umnica [9.8K]3 years ago
6 0

Answer:

Qualified Long-Term Care.

Explanation:

Qualified Long-Term Care includes services that are required for diagnostic, preventive, therapeutic, curing, treating, mitigating, and personal care services that is given to a person that is chronically ill.

A person that is chronically ill is qualified for this insurance plan.

Because of this policy that is used by Eliza she can deduct the premiums she pays that exceed 10% of her adjusted gross income. Once she turns 65, she can deduct the premiums that exceed 7.5% of her adjusted gross income.

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assume that two firms are both following generally accepted accounting principles. both firms commenced operations two years ago
Igoryamba

The statement is False as when the balance sheets for the two companies are submitted to investors, they are not obligated to disclose the same amount of net fixed assets.

The Property, Plant, and Equipment classification is used to categorize fixed assets on a company's balance sheet. The cost of fixed assets is decreased on the balance sheet by depreciating them over the course of their useful lives in order to account for wear and tear. Both firms started off with $1 million worth of identical fixed assets when they first opened their doors two years ago, and neither one has sold or added any new ones. So, they are not supposed to report the same amount of fixed assets to investors since there is an absence of asset purchases.

Both current assets and fixed assets are listed on the balance sheet, with current assets intended for use immediately or for cash conversion and fixed assets for longer-term usage (more than one year).

Learn to know more about Accounting principles on

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8 0
1 year ago
Glavine Company issues 6,000 shares of its $5 par value common stock having a fair value of $25 per share and 9,000 shares of it
almond37 [142]

Answer:

                                                                                        $

Market value of common stocks   (6,000 x $25)  = 150,000

Market value of preferred stocks (9,000 x   $20) = 180,000

Market value of the company                                    330,000

Proceeds allocated to common stocks

= $150,000/$330,000 x $312,000

= $141,818

The correct answer is B

Explanation:

The market value of the company is the aggregate of market value of common stocks and market value of preferred stocks.The market value of each stock is equal to number of each stock outstanding multiplied by market price per share. Thus, the proceeds allocated to common stock equals the market value of equity divided by market value of the company multiplied by the lump sum.

4 0
3 years ago
In 2019, the CEO of Crimson, Inc., entertains seven clients at a skybox in Memorial Stadium for a single athletic event during t
hram777 [196]

Answer:

Crimson may not be able to deduct any of the cost incurred. In other words these expenses are inadmissible.

Explanation:

As per scenario given in the above question, Crimson Inc., may not be able to deduct any cost which is incurred related to the entertainment expenses because many changes has been made in the tax cuts and Jobs act,2017. These changes does not allowed deduction of the entertainment and business meals expenses.

In the year 2018, the entertainment expenses could not be deducted according to the tax laws applicable on the companies. Thus, the costs will not be deducted.

4 0
3 years ago
What is a natural risk that businesses should consider when establishing their information-management procedures
sukhopar [10]
Data security issues such as: Information leaks, Breach of the GDPR law, hacking
4 0
2 years ago
In general, how long does it take to accomplish a long-term goal?
Mkey [24]

Answer:

The answer is D.more than a year

Explanation:

3 0
3 years ago
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