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Group Term Life Insurance (LO. 4) The LMN Partnership has a group term life insurance plan. Each partner has $150,000 of protection, and each employee has protection equal to twice his or her annual salary. Employee Alice (age 32) has $90,000 of insurance under the plan, and partner Kay (age 47) has $150,000 of coverage. Because the plan is a "group plan," it is impossible to determine the cost of coverage for an individual employee or partner. a. Assuming that the plan is nondiscriminatory, how much must Alice and Kay each include in gross income as a result of the partnership paying the insurance premiums? b. Assume that the partnership is incorporated. Kay becomes a shareholder and an employee who receives a $75,000 annual salary. The corporation provides Kay with $150,000 of group term life insurance coverage under a nondiscriminatory plan. What amount is included in Kay's gross income as a result of the corporation paying the insurance premiums?
Tony estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 20% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine.
Stroth Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-Machining, Order Filling, and Other.
hydro inc. manufactures water sensors used by scientists to measure water quality. for the most recent period ended
during your audit of miles company you prepared the following bank transfer schedule miles company bank transfer
The following standards for variable manufacturing overhead have been established for a company that makes only one product:
the stockholders equity section of kay corporation at december 31 2005 included the following accountspreferred stock 9
decor manufactures decorative iron railings. in preparing for next years operations managemnet has developed the
during 2011 crockett inc.s net income was 100000. its common stockholders equity was 700000 at january 1 2011 and
All assets are valued fairly. Pam decides to retire from the partnership. Calculate the remaining partners' capital balances after the Pam withdrawal under the following situations:
What annual growth rate
what are ratios? how could liquidity ratios be used by investors to determine whether or not to invest in a
what is the difference between a current liability for an uncertain amount and a contingent liability? give an example
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