A sundry account is a business account where miscellaneous income is reported. This income is not generated by the sale of the company's products or services, but must be accounted for because it increases the company's overall profits and thus its net worth.Know More
If a company lends its name or intellectual creations to other, for-profit companies, it can receive royalties from those transactions. These can include record companies, large multi-national product manufacturing corporations and service companies that sell individually owned franchises around the world. These royalties would be included in sundry accounts because the business did not directly produce or service the people or accounts that produced the income.
If a company sells part of its real estate holdings, the money earned from those transactions would also generally be included in sundry account earnings. Land, stocks, bonds and other types of investment sales would also be counted as sundry account revenue.
The word sundry is synonymous with the word miscellaneous. Therefore, sundry accounts generally list all revenue streams that do not fit into other revenue categories. Although the term suggests that each individual revenue stream is minor, in actuality, a business can earn substantial amounts that must be accounted for in sundry funds.Learn more about Financial Planning
Retirement savings formulas are based on the amount of money saved as a multiple of current income, according to Time. Different financial services firms use different multiples of final annual income for retirement savings. The general ballpark for comfortable retirement savings is eight to 18 times final annual income.Full Answer >
A widow or widower who's deceased spouse received social security income is eligible for a widow's pension when she reaches age 60. The survivor receives this benefit at any age if she cares for an heir of the deceased who is under 16 or disabled, according to AARP.Full Answer >
Owners of 401(k) accounts can make penalty-free withdrawals any time after age 59 1/2, although they must pay income taxes on the distributions unless they roll the money into other retirement accounts within 60 days. Most account owners must start taking minimum distributions by April 1 of the year after they turn 70 1/2, according to the Internal Revenue Service. Some accounts postpone the minimum distribution requirement for current employees, and the requirement begins once they retire.Full Answer >
To write a basic income statement for a financial period, calculate expenses and costs of goods sold, and then subtract the sum from revenues. Showcase the obtained figure as the last entry in the statement. Write the entity's name, the title of the statement and the respective financial period on the top.Full Answer >