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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Name if the following are discrete or continuous variables. Also name if the scenario is ratio,...

General Management
1.2K views

What are the different types of commercial risks and how can managers plan for them to...

Physics
1.2K views

Q 17 75 A non ideal battery of internal resistance 12 is connected across a...

Statistics
1.2K views

The highway mileage mpg for a sample of 8 different models of a car company...

Algebra
1.2K views

Consider f x 3x 1 X 0 1333 4 1 What is f 3 O...

Accounting
1.2K views

Exercise 6-4(Algo) Basic Segmented Income Statement [LO6-4] Royal Lawncare Company produces...

Accounting
1.2K views

can you please help me with this thank you. Show all imagesShow...

Accounting
1.2K views

9) (10 points) Fox Mulder and Dana Scully have been assigned to investigate an FBI...

Accounting
1.2K views

Please fully complete question 4: 1 The balance of Prepaid Rent, $5,880, represents...

Accounting
1.2K views

E SP1 SP2 1 0.83 0.45 2 -18.35 -2.12 3 -10.73 13.85 4 45.93 35.27...

Finance
1.2K views

For bonds, yield rate is another term for nominal rate True or False

Finance
1.2K views

Over the past few decades, the number of commercial banks in the US has declined...