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Which account would normally have a credit balance?

The Liablilities, the revenue, the accumulated depreciation, the Owner's equity.


Is service rendered considered an asset or owner's equity?

an asset


What is owner's equity?

Owner's equity is considered the source of the company's assets. Owner's equity is also referred to as the book value of the company, which include the reported assets minus the reported liabilities.


Who pays taxes on inherited annuities?

Which taxes are being referred to? If it is the estate of the deceased against whom the tax is levied, then the tax must be paid out of the proceeds of the estate (if there are any), otherwise the inheritor must pay it. If the inheritor is responsible for paying the taxes then.... the answer is obvious. Check the local or federal tax authorities.AnswerThis is a complicated area so the following information is general only. You should speak with a tax expert and a representative from the insurance company before you make any decisions regarding this inheritance. The value of the annuity at the date of death is included in the estate for tax purposes. The estate would pay any inheritance tax.Once an inherited annuity is distributed to the beneficiary by the insurance company, either a lump sum distribution or a new annuity with you as the owner, ordinary income taxwill become due on the growth of the annuity from the time the annuitant/decedent made the initial investment. Most annuities are tax deferred. When they are inherited, you inherit all the tax liability that was deferred over the years by the owner of the annuity.You should discuss the inheritance with the insurance company. It can explain your options and ways you can minimize your tax obligations. Any changes you make or any distribution will generate a 1099-R.


What is the difference between net worth and total liabilities?

Net worth is the liability of the business entity to the owner whereas total liabilities is the total of all liabilities of the business entity. ( however normally when we speak of total liabilities of the business we may/can exclude the liability of the business to the owner)

Related Questions

Can you name a beneficiary for an annuity in state of Louisiana?

An annuity will have the following: Owner, Annuitant , Beneficary. Yes the owner of an annuity may name a beneficiary for an annuity, even in the state of louisiana. (I am a native of Louisiana and can confirm that our laws are different). In most situations, the annuitant and the owner are the same. If the annuitant is not the owner, he or she may not have said power of naming the beneficiary.I am a Louisiana Insurance Agent and have handled many annuities in the State of Louisiana.Thanks


If there are two beneficiaries and one predeceases the NY annuity owner's death who gets the proceeds?

That really depends on the arrangements made by the annuity owner. You need to check the records of the company that holds the annuity account. The company should be informed of the death of the owner and that one beneficiary predeceased the owner. You need to know what arrangements were made.


What does retirement annuity mean for a pensioned insurance owner?

A retirement annuity will give you a guaranteed income after you retire. If the annuity is owned by an insurance company then they will have control over your money so it is important to shop around for the best deal.


What types of investments are the funds of a fixed annuity invested in?

With a fixed annuity, you're giving your money to an insurance company in return for a fixed interest rate. It is the company that decides how to invest that money. You as the owner, does not pick any funds.


What is the definition of Variable Annuity?

I found different sites with definitions for annuity variables. Investopedia states that an annuity variable is, "an insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio." (http://www.investopedia.com/terms/v/variableannuity.asp#axzz1bw9FbZ8G)


What is value of payment on an life insurance annuity if owner dies before any payments?

Great product, an annuity. My friend had $8,000 in his one day and the annuity paid 100% overnight. Excitedly, he told me the next morning that he had $16,000 then. Happy guy. However, an annuity kind of works like a savings account at the bank. No money in it? No money paid out. $10 in it? $10 paid out. $100,000 in? $100,000 paid out. Disclaimer: an annuity is not a savings account. I just used that term to show you how it works.


How can you buy already registered domain name?

Normally you can't. The registered name belongs to the owner. You can try and contact the owner and offer to buy it, but normally you have to think up a new name


If a will states that if anyone preceeds you in death their part will be left to their decendents but an annuity says their part goes to the others on the annuity which takes precedence?

Annuity death proceeds do not pass by will or state intestacy laws. Like life insurance, employer-sponsored retirement plans and IRAs, annuities pass to the beneficiaries named. If there is no named beneficiary, then proceeds, at death, will pass to the estate of the owner, (and would then pass by will).


What must happen when an individual policy or annuity has been delivered by hand to the policy owner?

When an individual policy or annuity is delivered by hand to the policy owner, the policy owner must acknowledge receipt, often through a signed delivery receipt. This acknowledgment serves as proof that the policy has been received and is now in effect. Additionally, the policy owner should review the terms to ensure they understand the coverage and any other relevant details. It's also essential to check if there is a free-look period, allowing the owner to cancel the policy within a specified time frame for a full refund.


In a joint annuity can payments be made to an annuitant if the spouse is younger than fifty nine and one half?

In a joint annuity, the annuitant's spouse typically needs to meet the minimum age requirement, which is often set at 59 and a half to receive payments. If the spouse is younger, the annuity may not allow for payments to be made to the annuitant. It's important to review the specific terms and conditions of the annuity contract to determine eligibility for payments.


Who runs the business?

Normally a CEO/manager or the owner would run a business.


Is a new business owner responsible for the original owner owner's debt?

Not normally, unless the new owner has also 'bought' the previous owner's debts. However, if we are dealing with share ownership, the shareholder become the 'owner'. Shareholders are not responsible for the debts of the companies they have bought share in.