Mr. Hawk, a factory assembly line worker, received the following benefits from his employer: Medical insurance plan policy- $250 Christmas bonus- 125 Reimbursement for college undergraduate physics course during the current year under a nondiscriminatory written plan-450 $40,000 nondiscriminatory group term life insurance policy-475 Membership in a local health club-550 How much is includible in Mr. Hawk's income for the current year?
a) $1,125
b) $1,050
c) $925
d) $675
Ans: d) $675
Business
You might also like to view...
It is necessary to have both financial and human capital resources to successfully pull off a firm's
strategy. Indicate whether the statement is true or false
Business
Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited
A) at the end of each accounting period. B) when a credit sale is past due. C) whenever a pre-determined amount of credit sales have been made. D) when an account is determined to be worthless.
Business