QUESTION 6 Lisa is enrolled in a defined benefit plan. She has worked 6 years for the plan. Her salaries were $25,000, $30,000, $35,000, $40,000, $45,000, and $50,000. The defined benefit plan allows for a benefit of 3% for every year of service of their average salary for their three highest years. The company uses a 7-year vesting schedule. What annual benefit has Lisa vested? (also known as her taxable benefit) O $3,240 O $1,080 O $6,480 O $540
Q: Sweeney originally contributed $190,000 in cash
A: A company, firm, or individual invests money in the company and purchases some shares of the…
Q: K purchased all 100 shares of N Corporation in 2008 for $50,000.N Corporation adopts a plan of…
A: Gain or loss on liquidation refers to the financial outcome of selling off a company's assets in…
Q: The amount of the total office expenses that should be allocated to Grinding for the current period…
A: An organization having more than one department follows departmental costing. Cost related to each…
Q: Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for…
A: Asset Acquisition Cost is computed by adding the necessary costs incurred for putting the asset in…
Q: How was the answer attained for question 4
A: In 4th point mortgage interest @5% is given. The rate of 5% is annual rate. The mortgage is taken on…
Q: a. Young Company budgets sales of $960,000, fixed costs of $34,600, and variable costs of $153,600.…
A: Contribution margin ratio = Contribution margin/Sales Contribution margin = Sales*Contribution…
Q: Suspect Company issued $720,000 of 10 percent first mortgage bonds on January 1, 20X1, at 103. The…
A: Journal entries are the chronologically ordered written records of a company's financial activities.…
Q: The return on total assets is:
A: 38.50 % Return On Total Assets = Net Income / Average Total Assets * 100 = $ 500,000 / $1,300,000…
Q: Striker Corporation is preparing its cash payments budget for next month. The following information…
A: Cash payments means the amount of payments that an entity has to make for the expenses incurred. It…
Q: Calder Company has a defined benefit pension plan. Pension-related data for the current calendar…
A: Net gain or loss is the amount of money earned or incurred by the entity. It is the amount which…
Q: Double Company produces three products — DBB-1, DBB-2, and DBB-3 from a joint process. Each product…
A: Sales after further Processing = sales per unit after further processing * units Produced Net…
Q: Victor Mineli, the new controller of Sunland Company, has reviewed the expected useful lives and…
A: The straight-line method of depreciation is the most commonly used method of depreciation expense.…
Q: Lion Company Limited revalued its land and buildings at the start of the year 2020 to $100m ($30…
A: Property Plant and Equipment - These are called the fixed assets which are held for the purpose of…
Q: George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,120. He has…
A: Payroll taxes are defined as the amounts collected by the government or revenue collection authority…
Q: Thor Corporation is a small private corporation that sells desktop printers to local businesses and…
A: Balance Sheet - Balance Sheet is a financial statement. This Statement includes Assets, Liabilities…
Q: Monthly operating expenses for the company are given below: Variable: Sales commissions Fixed:…
A: Note: As per Bartleby guidelines if a student asked multiple sub-questions in the primary question…
Q: P6.3 (LO 1, 2, 3), AP Excel Lavish Towel Company completely stocked out of its cotton yarn for…
A: Note:As per Bartleby guidelines if a student asked multiple sub-questions in the primary question…
Q: IV. Operating loss carrybacks Select one: a.I and III only. b.I and IV only. c.II and III only.…
A: Correct option:- b. I, III, and IV only. Explanation:- The reconciliation between actual tax…
Q: What is the investment carrying amount at December 31, 2021? A. P1,920,000 B. P1,790,000 C.…
A: Companies invest in other companies through equity investment to have control the company and effect…
Q: Required information [The following information applies to the questions displayed below.] Carl…
A: Depreciation is a tax deduction that allows taxpayers to recover the cost of certain assets over…
Q: . D i f f e r e n t i a t e b e t w e e n h o r i z o n t a l a n d v e r t i c a l a n…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Date 01/01 01/05 01/08 01/10 01/24 02/01 02/05 02/08 02/10 02/15 02/24 Amount 0.00 2,499,012.00…
A: Inventory refers to the goods and materials that a company holds for sale or production. These can…
Q: Question 4 Angie is an employee who also owns a rental home. She actively participates in the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: earnings have averaged approximately $171,200 and believes that such an amount should be capitalized…
A: Excess earnings=$171200 Appropriate discount rate=r=12% Period=n=7 years.
Q: Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at…
A: Taxable income is the amount of income that is subject to income tax after taking into account any…
Q: Albany Division is considering the acquisition of a new asset that will cost $540,000 and have a…
A: Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability…
Q: Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following…
A: Organizational expenses : Organizational expenses are the one time expenses that are related to the…
Q: Early in January 2021, DeVille Company purchased machinery costing $760,000. For financial reporting…
A: A journal entry is a record of a financial transaction that a company or individual makes, which is…
Q: the accumulated earnings tax is paid instead of the regular corporate tax plus the alternative…
A: Accumulated Earnings Tax (AET) is a tax imposed by the United States government on corporations that…
Q: Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for…
A: Under aging of accounts receivable method, the accounts receivables are categorized according to its…
Q: what is the balance sheet and closing entry , post closing trial balance, and financial statement ,…
A: Supplies at the end of the year = $10 The unrecorded amortization on software = $5 Income tax is…
Q: OPERATING ACTIVITIES Net income (loss) Adjustments to reconcile to net cash provided by operating…
A: Cash Flow Statement - A cash Flow Statement is a financial statement that includes cash receipts and…
Q: P13.1 (LO 1) Groupwork (Current Liability Entries and Adjustments) Described below are certain…
A: Journal entry is the initial accounting entry entered to record the business transactions of the…
Q: Antoine Machining estimated its manufacturing overhead to be $279,000 and its direct materials costs…
A: Manufacturing Overheads are incurred while producing a product. Direct comes under the cost of goods…
Q: MacroMin Co. uses a weighted average process costing system. The following data are for the…
A: The weighted average process is a costing technique used to calculate the cost of units transferred…
Q: xed costs are $148,50 e is $742,500. Determi able cost per unit $ contribution margin $
A: Answer : a)Variable cost per unit Variable cost per unit = Selling price per unit - contribution…
Q: Assume Dollar Forest Store estimates its inventory by the gross margin method when preparing monthly…
A: Budgeting is a process of estimation of future income and expenditure. Financial statements…
Q: Rod Ramos Distributors is registered as a single proprietorship with DTI permit as Rodolfo Ramos. 1…
A: In accounting, journal entries are a record of financial transactions that a business has made. Each…
Q: DATE 20X1 April 1 Purchased camera film on credit from Camera & Film Products, Invoice 825, $1,015,…
A:
Q: Dividends Per Share Oceanic Company has 30,000 shares of cumulative preferred 2% stock, $50 par and…
A: Cumulative preferred stock :— It is one of the type of preference shares in which company pays…
Q: Please answer asap I really need help
A: A worksheet is a piece of paper used to aid in the creation of financial records in bookkeeping. The…
Q: On July 1, Custom Bundles had 8,329 units in Work in Process. During the month of July, they put…
A: This problem requires us to calculate the number of units transferred out during a given period,…
Q: Match each definition with its related term by selecting the appropriate term in the dropdown…
A: Revenue is the amount earned by the business from the normal business operations. It is recorded in…
Q: The following partial information is contained in the variance analysis received from the Western…
A: Variable overhead variance is the difference between actual variable overhead incurred and the the…
Q: 1) IQ Electronics, which assembles printed circuit boards, is considering the purchase of a new IC…
A: Compound interest is used in case of lump-sum money accumulates in the future if interest is charged…
Q: Which of the following is NOT correct
A: Capital related transactions are coming under the tax liability as shor term capital gain/loss or…
Q: Vall Book Mart sells books and other supplies to students in a state where the sales tax rate is 8…
A: Net income is the amount of income earned by the entity after deducting the costs from the revenues.…
Q: On January 1, Year 1, Carrot, an individual, paid $16,400 for 5 percent of the stock in Root Corp.,…
A: A person partner in a firm or shareholder in an S corporation earned a distributive share of the…
Q: Pharoah Company uses the percentage-of-receivables basis to record bad debt expense and concludes…
A: If there is a debit balance in the allowance for doubtful accounts, its balance is added to the bad…
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Closing Entries - Closing Entries are required to close the temporary accounts of the company.…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Conrad's employer offers graded vesting plan. Every year after the first year, vesting increases 10% with a 2.5% multiplier. If Conrad's three-year average salary was $67,453, and he left after the fourth year, what will his benefit be? a. $2,023.59 b. $5,058.98 c. $2,698.12 d. $6,745.30Emily’s employer offers a pension plan that calculates the annual pension as the product of the final average salary, the number of years of service, and a 2% multiplier. Her employer uses a graded 5-year vesting formula as shown. After 4 years, Emily leaves her job. Her average salary was $65,000. How much pension will she receive? Years Employed Vesting Percentage 0 0% 1 0% 2 25% 3 50% 4 75% 5 100%Ralphearns $200, 000 per yearat Virtual Reality Solutions LLC,where he has worked for 10years. Virtual Reality Solutionssponsors a defined benefit planequal to 2% per year of service ofthe employees finalcompensation. At the currenttime, what is Ralph's retirementpayable from the defined benefitplan? a. )$40, 000 per year b.)$4, 000 per month or $48, 000 peryear c.)$20, 000 per year d.)$100, 000 per year
- Grace's employer is now offering group-termlife insurance. The company will provide each employee with $135.000 of group-term ife Insurance. It costs Grace's employer $725 to provide this amount of insurance to Grace each year. Assuming that Grace is 57 years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group-term life benefit. EXHIBIT 12:08 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection 5-Year Age Bracket Under 25 Cost per $1, e0e of Protection for one Month $0.05 25 to 29 0.06 30 to 34 0.08 0.09 0.10 0.15 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 6e to 64 65 to 69 0.23 0.43 0.66 1.27 2.06 76 and aboveKathy has an account balance in her employer’s money purchase pension plan of $1,000. The plan has a 2-6 graded vesting policy. She has been a participant for three and a half years and has worked for the company for five years. Assuming the plan permits loans, what is the maximum loan that Kathy could take from the plan? $20,000 $30,000 $40,000 $50,000Lisa is enrolled in a defined benefit plan. She has worked 6 years for the plan. Her salaries were $25,000, $30,000, $35,000, $40,000, $45,000, and $50,000. The defined benefit plan allows for a benefit of 3% for every year of service of their average salary for their three highest years. The company uses a 7-year vesting schedule. What annual benefit has Lisa vested? (also known as her taxable benefit)
- Range of Benefits Tim, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Tim’s annual benefit reduction amounts in each of the following scenarios. If Tim retires this year and secures a part-time job earning $19,000, his annual benefit reduction amount is ___________________________. If Tim retires this year, secures the same part-time job, and in addition projects interest and dividend earnings of $7,000 per year, what his annual benefit reduction amount is____________________________. If Tim retires next year and secures the same part-time job, the annual benefit reduction amount is __________________________.The XYZ corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 4% for each year of service of the employee's salary upon retirement. Moreover, those retiring after 65 have their benefit increased by 1.1% for each year beyond 65 that they work. Caitlin retires at age 73 with 16 years of service. If her salary upon retirement is $60, 106, what is her annual pension benefit?Grace's employer is now offering group-term life insurance. The company will provide each employee with $185,000 of group-term life insurance. It costs Grace's employer $875 to provide this amount of insurance to Grace each year. Assuming that Grace is 31 years old, use the tale to determine the monthly premium that Grace must inckude in income as a result of receiving the group-term life benefit. EXHIBIT 12-08 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection 5-Year Age Bracket. Cost Per $1,000 of Protection for One Month Under 25 $0.05 25 to 29 0.06 30 to 34 0.08 35 to 39 0.09 40 to 44 0.10 45 to 49 0.15 50 to 54 0.23
- Mena has year-to-date (YTD) earnings of $125,200. If her next paycheck put her above the wage base limit of $128,400, what will be the amount of the social security deduction at 6.2 %? a. $788.76 b. $128.20 c. $198.40 d. $204.60Javier recently graduated and started his career with DNL Incorporated DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent).Gail Trevino expects to receive a $590,000 cash benefit when she retires eight years from today. Ms. Trevino’s employer has offered an early retirement incentive by agreeing to pay her $363,000 today if she agrees to retire immediately. Ms. Trevino desires to earn a rate of return of 8 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Calculate the present value of the $590,000 future cash benefit. Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Trevino accept her employer’s offer? (Round your final answer to the nearest whole dollar value.) present value ?