672 deposited at the beginning of each quarter for 7 years; money earns 5% compounded monthly

All of the following should generally be included as taxable income on Schedule 1 (Form 1040), line 21, EXCEPT: Reimbursement re

Lapatulllka [165]

Answer:

Answer is Option 2: Life insurance proceeds received after the death of a spouse.

Explanation:

Life insurance proceeds are generally not taxable. They are paid after insurer's death. It would only be taxable if the policy was given to the spouse for a price. Even if proceeds are paid under accidental policy or health insurance policy, they are not taxable. Proceeds are always paid as a lump sum amount and not in installments.

Other given options, 1, 3 and 4 like reimbursement for medical expenses, taxable portion of a disaster relief payment and dividends exceeding net premiums paid are taxable.

7 0

3 years ago

On October 14, the Patrick Company sold merchandise with an invoice price of $1,200 ($770 cost), with terms of 2/10, n/30, to th

Anna11 [10]

Answer:

Patrick Company

Journal Entries:

Oct. 14: Debit Accounts receivable (Baxter Company) $1,200

Credit Sales revenue $1,200

To record the sale of goods on account, terms of 2/10, n/30.

Oct. 14: Debit Cost of goods sold $770

Credit Inventory $770

To record the cost of goods sold.

Oct. 18: Debit Sales returns $220

Credit Accounts receivable (Baxter Company) $220

To record the return of goods (wrong size) by Baxter.

Oct. 18: Debit Inventory $170

Credit Cost of goods sold $170

To record the cost of goods returned.

Oct. 24: Debit Cash $960

Debit Cash discounts $20

Credit Accounts receivable (Baxter Company) $980

To record the receipt of check on full settlement, including discounts.

Explanation:

a) Data and Calculations:

Oct. 14: Accounts receivable (Baxter Company) $1,200 Sales revenue $1,200, terms of 2/10, n/30.

Oct. 14: Cost of goods sold $770 Inventory $770

Oct. 18: Sales returns $220 Accounts receivable (Baxter Company) $220

Oct. 18: Inventory $170 Cost of goods sold $170

Oct. 24: Cash $960 Cash discounts $20 Accounts receivable (Baxter Company) $980

7 0

2 years ago

Family members may lend you money based on

Katarina [22]

Answer :a obligation.

The word obligation means “to be bound to act in a certain way either morally or legally.”

Hence when one is in need of money to start a business, family members may lend the money because they are bound to help you in times of need.

Loans from family members are usually interest free.

However, if the loan is not repaid, relationships quickly turn sour.

Hence loans from family member must be treated with respect and care, in order to maintain relationships.

6 0

2 years ago

Read 2 more answers

wood county hospital consumed 400 boxes of bandages per week last year. the price of bandages was $80 per box, and the hospital

Evgen [1.6K]

Economic Order Quantity is the optimal level of inventory where the inventory costs are the minimum. EOQ = (2AO/H)^(1/2).

<h3>What is Economic Order Quantity?</h3>

Companies determine their ideal order size by performing a calculation known as the economic order quantity (EOQ), which enables them to meet demand without going overboard. To reduce holding costs and surplus inventory, inventory managers calculate EOQ.

The order size that minimizes the overall holding costs as well as ordering expenses in inventory management is referred to as the "economic order quantity," or "economic buying quantity." One of the first traditional production scheduling models is this one.

The following is the EOQ formula. EOQ is equal to the square root of 2 times demand times ordering cost)/carrying cost. Demand. The EOQ's assumptions state that the demand is unchanged. How much stock is used annually or how many goods are sold annually is the measure of demand.

Learn more about the Economic Order Quantity here:

brainly.com/question/16986815

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7 0

9 months ago

Vicki likes to visit a social network site called Fanfiction and read the stories that others post on this site. She doesn't rea

LenaWriter [7]

Answer: The correct answer is "c.spectators".

Explanation: Vicki is the spectator type of social media participants because he does not interact with others, visit the website often and do not publish any stories, he only dedicates himself to reading the stories that others publish.

8 0

2 years ago