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
The amount of financial aid you can receive for a burial depends on two factors: your income level and the state you live in. Contact your local social services department to see what aid you can receive. Visit the Funeral Consumers Alliance website for resources on minimizing cost as well.Full Answer >
Holders of traditional IRA accounts have to pay regular income taxes on distributions after age 59 1/2, reports CNN Money. Holders of Roth IRA accounts do not pay taxes on distributions.Full Answer >
When a person withdraws money from his 401(k) plan, he must pay income taxes on the money he withdraws. Traditional 401k plans require income tax payments on all withdrawals, including money contributed and gains on the contributions. For a Roth 401(k), taxes are paid on contributions and not withdrawals.Full Answer >
Canada's Pension Plan provides monthly income to Canadian seniors after they turn 65, disability payments and benefits to eligible children. Most people between the ages of 18 and 65 who work and earn at least $3,500 per year must contribute. Only those living in Quebec are exempt.Full Answer >