Katie, a self-employed CPA, purchased an accident & disability insurance policy. As the result of an auto accident, Katie was unable to work and received $3,000 of disability benefits per month for seven months. The benefits were based on her estimated monthly income and should be reported as gross income.
Answer the following statement true (T) or false (F)
False
The amounts received are not taxable even though the payments are a substitute for wages lost due to illness. The insurance policy was purchased by the taxpayer.
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Maturity value minus the discount amount is equal to proceeds
Indicate whether the statement is true or false
________ is a projective technique in which the respondent is presented with a verbal or visual situation and asked to relate the beliefs and attitudes of a third person to the situation
A) Role playing B) Sentence completion C) Cartoon test D) Third-person technique
When the Food and Drug Administration prohibits a certain drug from being marketed in the United States, this is A)private law
B)an agency regulation. C)legal negativism. D)an executive order.
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs$11,500 Conversion costs$22,200 Percent complete with respect to materials 75%Percent complete with respect to conversion 65%Units started into production during the month 8,600 Units transferred to the next department during the month 7,800 Materials costs added during the month$159,300 Conversion costs added during the month$348,500 Ending work in process inventory: Units in ending work in process inventory 1,500 Percent complete with respect to materials 65%Percent complete with respect to
conversion 50% The total cost transferred from the first processing department to the next processing department during the month is closest to: A. $541,500 B. $490,385 C. $507,800 D. $579,948