Paul and mary smith own a small candy shop. both paul and mary have established traditional ira's, contribute to them annually to provide for their retirement and have designated each other as beneficiary to their accounts. paul and mary have two grown children. if either paul or mary should die, what would happen to their ira?
(a) the surviving spouse would receive the distribution as ordinary income in the year their spouse died.
(b) the surviving spouse would become the owner of the ira and have the title to the account changed to the surviving spouses name.
(c) the ira would become part of the deceased persons estate and assets would be distributed according to the will of the deceased person.
(d) the assets of the ira would be split equally and taken as ordinary income between the surviving spouse and the two children.

Which of the following best explains how the invention of money affected the barter system? a. the invention of money supplemented the barter system by providing a nonperishable medium of exchange b. the invention of money completely replaced the barter system with a free-market system c. the invention of money had no effect on the barter system d. the invention of money drastically reduced the value of goods used in the barter system 2b2t

On september 12, ryan company sold merchandise in the amount of $5,800 to johnson company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the non-defective merchandise, which is restored to inventory. the selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. the entry or entries that ryan must make on september 14 is (are): multiple choice sales returns and allowances 490 accounts receivable 490 merchandise inventory 350 cost of goods sold 350 sales returns and allowances 490 accounts receivable 490 sales returns and allowances 500 accounts receivable 500 sales returns and allowances 490 accounts receivable 490 merchandise inventory 343 cost of goods sold 343 sales returns and allowances 350 accounts receivable 350

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.