<span>You will find every escrow entry showing the running balance after each receipt or disbursement in a journal kept by the sponsoring broker. This journal must show the chronological order of the transactions when funds are received or disbursed by the sponsoring broker.</span>
Answer:
He does not report any gross income as life insurance proceeds are exempted from tax.
Explanation:
As a rule life insurance proceeds to a beneficiary are not taxable, they are viewed as non taxable inheritance of the deceased to the beneficiary.
However if Ellie had instructed the insurance company to hold the funds for sometime before paying Jason, the interest earned during that period will be taxable.
Answer:
. balance sheet.
Explanation:
Liabilities are debts a business or an individual owe to other parties. It is money owed to creditors. Liabilities are financial obligations that an enterprise incur in the course of doing business. The obligations or debts have to been paid; hence they should be appropriately indicated in the financial records.
Liabilities are recorded in the balance sheet statement. A balance sheet indicates the financial status of a company by showing its assets and how they are financed. The balance sheet is prepared by followed the equation of assets equals liabilities plus equity. It lists the assets on one right side, while liabilities and equity appear on the left.
Answer:
$46.40 per unit
Explanation:
The computation of the product cost per unit under absorption costing is shown below:
= Direct material per unit + Direct labor per unit + Variable overhead cost per unit + fixed overhead cost per unit
where,
Fixed overhead cost per unit would be
= Fixed overhead ÷ units produced
= $121,600 ÷ 16,000 units
= $7.60
All other items will remain unchanged
Now add these values in the formula above.
Hence, the value would be
= $9.60 + $19.60 + $9.60 + $7.60
= $46.40 per unit.
