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serg [7]
3 years ago
8

All of the following actions by a custodian in an account opened under the Uniform Gifts to Minors Act are permitted except:____

___.
A. donating funds to the account to make additional investments
B. withdrawing funds from the account for the custodian's use
C. managing the investments in the account with the objective of generating enough income for college tuition
D. selling securities in the account to generate proceeds for other investments
Business
1 answer:
love history [14]3 years ago
4 0

Answer: B. withdrawing funds from the account for the custodian's use

Explanation:

Under the Uniform Gifts to Minors Act, the Custodian's duty is to manage the account for the minor and allocate the assets within in such a way that it will bring about the best returns for the minor.

Custodians should not abuse this power for their own benefit or gain which is why the custodian withdrawing funds from the account for their own use is a violation of the act.

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In the current year, Norris, an individual, has $59,000 of ordinary income, a net short-term Capital loss (NSTCL) of $9,100 and
kondaur [170]

Answer: an offset against ordinary income of $3,000 and a NSTCL carryforward of $2,400

Explanation:

Feom the question, we are told that in the current year, Norris, an individual, has $59,000 of ordinary income, a net short-term Capital loss (NSTCL) of $9,100 and a net long-term capital gain (NLTCG) of $3,700.

From his capital gains and losses, Norris reports an an offset against ordinary income of $3,000 and the a net short-term Capital loss (NSTCL) balance carryforward will be the difference between the net short-term Capital loss (NSTCL) of $9,100 and a net long-term capital gain (NLTCG) of $3,700 and the offset against ordinary income. This will be:

= ($9100 - $3700) - $3000

= $5400 - $3000

= $2400

4 0
2 years ago
Jennifer Orgolini, the chief financial officer at New Belgium Brewery, explains that the benefits and rewards associated with th
Natali [406]

Answer: emotional intelligence

Explanation: The capacity of an individual to control, express and be aware of the emotions of others and himself is called the emotional intelligence.

    In the given case, Jennifer Orgolini is encouraging to the employees to participate in the philanthropy program. Such programs are focused on social welfare and will make the participants more emotionally aware. Thus such motivating depicts the company wants employees that have high emotional quotient.

     

7 0
3 years ago
Metlock Company took a physical inventory on December 31 and determined that goods costing $185,000 were on hand. Not included i
Paha777 [63]

Answer:

$229,890

Explanation:

The formula to compute the ending inventory is shown below:

= Cost of inventory + goods purchased from f.o.b. shipping point + goods sold at f.o.b. destination

= $185,000 + $24,080 + $20,810

= $229,890

We added the goods purchased and goods sold to the cost of inventory so that the accurate value of the ending inventory can come.

6 0
3 years ago
a manufacturer reports the following costs to produce 11,000 units in its first year of operations: direct materials, $11 per un
DENIUS [597]

The total product cost per unit under absorption costing is: $75.

In absorption costing, the cost of every unit produced is worked out by adding up the direct cost of materials, direct labor, variable overhead, and the fixed overhead. Unlike in the case of marginal costing where the fixed cost is treated as period cost, in absorption costing, fixed cost is treated as a product cost.

The cost per unit

                                         $

Direct material                  28

Direct labor                       24

Variable overhead            10

Fixed cost                          13

Cost per unit                     75

Cost of Inventory

Number of units   = 1000

Cost per unit    = $75

Value = 1000 * $75 = $75,000

Learn more about absorption costing here:brainly.com/question/26276034

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5 0
1 year ago
What is profit and loss account​
vitfil [10]

La cuenta de pérdidas y ganancias (P&G) es un estado financiero que resume los ingresos, los costos y los gastos incurridos durante un período específico, generalmente un trimestre o año fiscal. La cuenta de pérdidas y ganancias es sinónimo de la cuenta de resultados. Estos registros proporcionan información sobre la capacidad o incapacidad de una empresa para generar beneficios mediante el aumento de los ingresos, la reducción de los costos o ambos. Algunos se refieren al estado de ganancias y pérdidas como un estado de ganancias y pérdidas, estado de resultados, estado de operaciones, estado de resultados financieros o ingresos, estado de ganancias o estado de gastos

5 0
3 years ago
Read 2 more answers
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