Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ethan is 15 years old. ethan's mother opened a ban

Ethan is 15 years old. Ethan's mother opened a bank account for Ethan...

50.1K

Verified Solution

Question

Accounting

Ethan is 15 years old. Ethan's mother opened a bank account for Ethan when he was 2 years old and has been depositing $100 each month ever since. In early 2023, Ethan received a bank statement from CIBC showing the account had a balance of $16,268.34 at the end of 2022 and a T5 for 2022 with $308.15 in box 13.
What options do Ethan and his mother have for reporting this income?
A)
Ethan's mother must report income of $16,268.34
B)Ethan's mother must report income of $30815
C)
Ethan must report income of 516.268.34 Ethan must report incorne of 5308.15
D)
No income must be reported since Ethan is under 18

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In January 2018, the Paper Division of Dunder Mifflin Inc.purchased a piece of property...

Accounting
Q

One year? ago, your company purchased a machine used in manufacturing for $ 105,000 . You...

Finance
Q

A CI is desired for the true average stray-load loss μ (watts) for a certain type...

Statistics
Q

1. Dr. Levesque removed de-shelled eggs from an isotonic solution and placed them in each of the...

Biology
Q

What is Axiomatic Design? Steps and Application of Axiomatic Design Example of Axiomatic Design Link Axiomatic Design to...

Mechanical Engineering
Q

Design a linear-time algorithm which, given an undirected graph G and a particular edge e in...

Advance Math
Q

Graph the point on a polar grid Select one

Geometry
Q

3 Determine whether the Law of Sines or the Law of Cosine is needed to...

Geometry
Q

Crane Company purchased equipment on March...

Accounting
Q

just this is given in question Quention 4: acarda Company...

Accounting
Q

Hi, could you please explain the items in in red, I need some help. Thank...

Accounting
Q

On October 1, 2020, Mertag Company (a U.S.-based company) receives an order from a customer...

Accounting