Explain whether the fees income account is a permanent account or temporary account.

Question

Lucy, age 68, retires and receives a $1,500 per month annuity from her employer's qualified pension plan at Pinnacle Industries. Lucy made $90,000 of after-tax contributions to the plan before retirement. Under the simplified method, Lucy's number of anticipated payments is 210. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments?

Answer 1

Question

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

g.

To determine

Explain whether cash account is a permanent account or temporary account.

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

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Lucy, age 68, retires and receives a $1,500 per month annuity from her employer's qualified pension plan at Pinnacle Industries. Lucy made $90,000 of after-tax contributions to the plan before retirement. Under the simplified method, Lucy's number of anticipated payments is 210. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments?

general accounting

Can you solve this financial accounting problem using appropriate financial principles?

Answer 2

Question

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

g.

To determine

Explain whether cash account is a permanent account or temporary account.

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

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Answer 3

Question

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

g.

To determine

Explain whether cash account is a permanent account or temporary account.

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

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Answer 4

Question

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

g.

To determine

Explain whether cash account is a permanent account or temporary account.

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

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Answer 5

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

g.

To determine

Explain whether cash account is a permanent account or temporary account.

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

Answer 6

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

Answer 7

Chapter 3, Problem 11DQ

a.

To determine

Explain whether the fees income account is a permanent account or temporary account.

Answer 8

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

Answer 9

b.

To determine

Explain whether the J.J. drawing account is a permanent account or temporary account.

Answer 10

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

Answer 11

c.

To determine

Explain whether Accounts payable is a permanent account or temporary account.

Answer 12

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

Answer 13

d.

To determine

Explain whether accounts receivable is a permanent account or temporary account.

Answer 14

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

Answer 15

e.

To determine

Explain whether J.J. capital account is a permanent account or temporary account.

Answer 16

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

Answer 17

f.

To determine

Explain whether prepaid rent account is a permanent account or temporary account.

Answer 18

g.

To determine

Explain whether cash account is a permanent account or temporary account.

Answer 19

g.

To determine

Explain whether cash account is a permanent account or temporary account.

Answer 20

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

Answer 21

h.

To determine

Explain whether advertising expense account is a permanent account or temporary account.

Answer 22

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

Answer 23

i.

To determine

Explain whether utilities expense account is a permanent account or temporary account.

Answer 24

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

Answer 25

j.

To determine

Explain whether equipment account is a permanent account or temporary account.

Answer 26

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

Answer 27

k.

To determine

Explain whether salaries expense account is a permanent account or temporary account.

Answer 28

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

Answer 29

l.

To determine

Explain whether prepaid insurance account is a permanent account or temporary account.

Answer 30

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Answer 31

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Answer 35

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Answer 40

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Answer 41

Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQ Ch. 3 - Prob. 1.4SRE Ch. 3 - Prob. 1.5SRE Ch. 3 - Prob. 1.6SRA Ch. 3 - Prob. 2.1SRQ Ch. 3 - Prob. 2.2SRQ Ch. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE

Explain whether the fees income account is a permanent account or temporary account.

Solution Summary: The author explains whether the fees income account is a permanent account or temporary account.

Concept explainers

Videos

Explain whether the fees income account is a permanent account or temporary account.

Explain whether the J.J. drawing account is a permanent account or temporary account.

Explain whether Accounts payable is a permanent account or temporary account.

Explain whether accounts receivable is a permanent account or temporary account.

Explain whether J.J. capital account is a permanent account or temporary account.

Explain whether prepaid rent account is a permanent account or temporary account.

Explain whether cash account is a permanent account or temporary account.

Explain whether advertising expense account is a permanent account or temporary account.

Explain whether utilities expense account is a permanent account or temporary account.

Explain whether equipment account is a permanent account or temporary account.

Explain whether salaries expense account is a permanent account or temporary account.

Explain whether prepaid insurance account is a permanent account or temporary account.

Chapter 3 Solutions