Question

in developing an understanding of the entity and its environment, the auditor can obtain information from numerous sources, such as knowledge from prior audits and discussions with management. List five additional potential sources (internal or external) of information about the entity and its environment

Multiple Choice 5-8 Individual Retirement Accounts (LO 3.3) Mary has a Roth 1RA held more than 5 years to which she has oontenibuted $30,000. The RA has a cumrent value of $62.000 Mary is 35 years old and she tales a diatrbution of $3,000. Hew much ef the ditrbution wil be sale to Mary? Oa $10,000 Ob. $8,000 Oc 40,000 Od. s0 Oe. Some other amount Previns iAment All work saved S46 PM 11/12/2019

Answer 1

Ans: The correct option for the answer is option B i.e $8,000

Amount contributed for ROTH IRA= $30,000

Distribution amount received= $38,000

Amount of distribution taxable to Mary is =$38,000-30,000

=$8,000