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devlian [24]
3 years ago
9

For federal tax purposes, which of the following is true regarding lump-sum life insurance benefits?

Business
1 answer:
Lorico [155]3 years ago
7 0

Based on the information given, it should be noted that all proceeds are income tax free in the year that they're received.

<h3>What is tax?</h3>

A tax simply means a compulsory levy that's paid by the people or companies to the government. It's important to achieve economic development.

For federal tax purposes regarding lump-sum life insurance benefits, it should be noted that all proceeds are income tax free in the year that they're received.

Learn more about tax on:

brainly.com/question/9437038

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Answer:

11.40

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Explanation:

Inventory turnover and days of sales of inventory are examples of activity ratios.

They are used to measure the efficiency of performing daily tasks

inventory turnover =  Cost of goods sold/ average inventory

Average inventory = ($118,000 + $110,000) / 2 = $114,000

Inventory turnover =  $1,300,000 / $114,000 = 11.40

days of sales of inventory = 365 / inventory turnover = 365 / 11.40 = 32 days

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the bookkeeper for Blue Spruce Equipment Repair made a number of errors in journalizing and posting, as described below. For eac
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Note: The full question is attached as picture below

                               (a)                   (b)                   (c)  

                                In                                      Larger  

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1.                               No               $725             Debit  

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3.                              Yes                 NA                NA  

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