Answer: 0%
Explanation:
The $20,000 contribution to the variable annuity is not taxed and neither is the gain, at least not yet.
With the variable annuity, the gains/earnings will be tax-deferred and the customer will only have to pay taxes when they withdraw the contributions.
When this happens they will be charged at the normal income tax rate.
Answer:
$23,000
Explanation:
Total dividends = $138,000 (Paid in 2020)
Common stock outstanding = 46,000 shares
Preferred dividend = Number of shares × Par value × 5%
= 11,500 × $100 × 5%
= $57,500
Dividends received by common stock holders in 2020 is;
= Total dividends - Preferred dividend
= ($138,000 × 1) - ($57,500 × 2)
= $138,000 - $115,000
= $23,000
In any business, when the cost of resources rise, the price of buying the commodity will also be high, this is because when it cost you much to produce a commodity, you will end up charging a higher price when selling it. Failure to do so may lead to making loses. The opposite is also true, when the cost of resources fall, the pricing will also be less.
Answer:
Here is what I found, I hope it helps
Explanation:
Gross Income contains all money you earn that is not expressly removed from taxation under the Internal Revenue Code (IRC). The part of your gross income which is currently subjected to taxes is Taxable Income. To arrive at the number of Taxable Income, expenses are deducted from gross income. For a year, your Gross Income applies to all your pre-tax earnings, while your Adjusted Gross Income is mostly smaller and refers to your income after tax deductions. I could not find the difference between Adjusted Gross Income and Taxable Income.
Answer:
There should be strong internal controls implemented and segregation of duties in the finance department.
Explanation:
There is lack of internal controls present in the company which may lead to fraud or errors. The employees assigned to record the transaction are not recording all the cash receipts and are missing some of the cash receipts which can cause errors during reconciliation. The sub divisions of finance department must be segregated and there should be a supervisor who should be responsible to review all the work done by these departments.
