1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nirvana33 [79]
3 years ago
13

Geoff purchased a life annuity for $4,800 that will provide him $100 monthly payments for as long as he lives. Based on IRS tabl

es, Geoff's life expectancy is 240 months. How much of the first $100 payment will George include in his gross income?
A. $100
B. $80
C. $48
D. $20
E. None of the Above
Business
1 answer:
Brilliant_brown [7]3 years ago
8 0

Answer:

B. $80

Explanation:

The annuity exclusion ratio is ($4,800/($100*240))= 20% return of capital per payment. Hence, $80 of the $100 monthly payment is include in gross income

You might be interested in
All of the following are intangible assets except
guajiro [1.7K]
The answer to this question is:

<span>All of the following are intangible assets except??
</span><span>D-"Accounts Receivable."

Hoped This helped, </span><span> Awifeamother
Your Welcome :) </span>
4 0
3 years ago
Read 2 more answers
Runnin' Wild Family Fun Center bought new go-karts for its recreation facility. The useful life is 6 years. The go-karts had a t
yan [13]

Answer:

The payback period in years is closest to;

B). 3.00

Explanation:

<em>Step 1: Determine the total cost of the go-kart</em>

Using the expression;

Total cost=purchase cost+annual depreciation×number of years

where;

purchase cost=$5,100

assume annual depreciation=0

number of years to payback=n

replacing;

Total cost=5,100+(0×n)=5,100

<em>Step 2: Total cash inflows</em>

Total cash inflows=(1,700×n)=1,700 n

<em>Step 3: Determine payback period</em>

Equate total cost to total cash inflows

5,100=1,700 n

n=5,100/1,700

n=3

The payback period in years is closest to 3 years

3 0
4 years ago
The Extroversion-Introversion criterion defines:
bagirrra123 [75]
B). <span> the source and direction of energy expression for a person
I think that is the answer. Not 100% sure though</span>
5 0
3 years ago
On January 1, Year 1, Stratton Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note requir
makvit [3.9K]

Answer:

<em>Computation of the interest expense using the equation as shown below: </em>

Interest expense for year 1 = Notes payable * Interest rate

= $100,000 * 10%

= $7,000

​

Notes payable reduction in Year 1 = $14,238 - $7,000

= $7,238

                    General journal entry

Item                           Debit         Credit

<em>Notes payable          $7,745</em>

Interest expense       $6,493

Cash                                            $14,238

Workings

Interest expense = ($100,000 - $7,238) * 7%

= $92,762 * 7%

=$6,493

3 0
3 years ago
David, an Alabama resident, files suit in an Alabama court against QuickAds, an internet company based in Georgia that provides
Katena32 [7]

Answer:

b) not likely to have jurisdiction over the case because QuickAds is based in Georgia.

Explanation:

The Alabama court only has jurisdiction in actions that were performed within the boundary of the state of Alabama. Although David is a resident of Alabama, his law suit is likely due to actions carried out in Georgia where QuickAds the internet company is based.

Also QuickAds only contact with persons in Alabama has been through QuickAds passive advertising.

In this scenario the case can be tried in federal court because it can handle cases across state borders.

5 0
3 years ago
Read 2 more answers
Other questions:
  • Telling part of the truth is an honest approach, especially when others are holding things back.
    9·1 answer
  • What motivates companies like starbucks to expand into international markets with little perceived interest for their product?
    6·1 answer
  • Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represe
    13·2 answers
  • Natural resources that are used to make goods and services are considered _____.
    8·2 answers
  • Poodle Company owns 80 percent of the common stock of Shepherd Inc. Poodle acquires some of Shepherd's bonds from an unrelated p
    13·1 answer
  • A company can be socially responsible by having employees volunteer their time. True or False?
    8·1 answer
  • Ag-Coop is a large farm cooperative with a number of agriculture-related manufacturing and service divisions. As a cooperative,
    14·1 answer
  • On July 10, 2020, Pronghorn Music sold CDs to retailers on account and recorded sales revenue of $635,000 (cost $508,000). Prong
    12·1 answer
  • Deserbe 4 characteristics of economic resource​
    9·2 answers
  • You expect General Motors (GM) to have a beta of 1.3 over the next year and the beta of Exxon Mobil (XOM) to be 0.9 over the nex
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!