Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Yung is the sole owner of Southern Hills Insurance Agency. His primary business is the sale of fire and casualty policies. He has recently expanded his business by selling life insurance policies. Under his agreement with Heart Life Insurance Company, he receives a basic commission on each policy he sells. The basic commission is equal to the cost of the insurance minus the first year's premium. Under the agreement, Yung collects the cost of the insurance policy and remits the first-year premium to the com- pany. He is also entitled to an override commission, which is paid on subsequent years' premiums. To build up his life insurance business, Yung enters into separate contracts with clients in which he agrees to act as an insurance consultant for a fee that is equal to the first-year premium. The client pays Yung the fee, which he remits to Heart Life. This contract effectively waives Yung's basic commission and offers the insurance at a discounted price, a practice that is illegal under state law. During the current year, Yung sold policies that had a cost of $50,000 and first-year premi- ums of $18,000 (which were remitted to Heart Life). He also received $11,000 in override commissions from policies sold in previous years. How much income must Yung report from the life insurance policies in the current year? Explain.
logistics solutions provides order fulfillment services for dot.com merchants. the company maintains warehouses that
1.On October 15, 2012, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives.
Jason Company determined that the budgeted cost of producing a product is $1.20 per unit. On June 1, there were 11,000 units on hand.
todays challenges please respond to the following from the video explain if the company had a right to fire employees
abc s-corporation had 200000 of ordinary income in 2013 abe an 80 owner contributes white machine in an irc section 351
discuss with your learning team an existing organization with which you are familiar that is different than the one you
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 22,000 machine-hours and incur $264,000 in manufacturing overhead cost. The follow..
salisbury corporation has been producing and selling 30000 caps a year. the company has the capacity to produce 50000
at january 1 2010 leanna industries reported owners equity of 130000. during 2010 leanna had a net loss of 30000 and
dymac appliannces uses the periodic inventory system. details regarding the inventory of appliances at november 1 2013
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
feng company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd