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CRPC PRACTICE EXAM 1 200 QUESTIONS AND
WELL ELABORATED ANSWERS{2 DIFFERENT
VERSIONS}ALREADY A GRADED 2023-2024
UPDATE|NEW!!{ACTUAL EXAM}
Which of the following are correct statements about income replacement percentages? - ANSWER- II,
III, & IV
II IRP vary between low-income and high-income retirees
III IR ratios should not be used as the only basis for planning
IV IR ratios are useful for younger clients as a guide to their long-range planning and investing
If Tom and Jenny want to save a fixed amount annually to accumulate $2 million by their retirement
date in 25 years (rather than an amount that grows with inflation each year), what level annual end of
year savings amount will they need to deposit each year, assuming their savings earn 7% annually? -
ANSWER- "END" mode and "1 P/Yr".
FV = 2,000,000
I/YR = 7
N = 25
PV = 0
then PMT = $31,621
Bill and Lisa Hahn have determined that they will need a monthly income of $6,000 during retirement.
They expect to receive SS benefits amounting to $3,500 per month at the beginning of each month.
Over the 12 remaining years of their preretirement period, they expect to generate an average annual
after-tax investment return of 8%; during their 25-year retirement period, they want to assume a 6%
annual after-tax investment return compounded monthly. They want to start their monthly retirement
withdrawals on the first day they retire. What is the lump sum needed at the beginning of retirement to
fund this income stream? - ANSWER- Monthly retirement income need is not specified as "today's
dollars" and no inflation rate specified; therefore, it must be assumed that the $2,500 net monthly
income need represents retirement dollars, and the retirement period income stream is level. To
calculate the lump sum needed at the beginning of retirement, discount the stream of monthly income
payments at the investment return rate:
BEG mode and "12 P/Yr"
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2. Use the worksheet tab Problem 2 A-FV Retirement and
Problem 2 B -PV Invest
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2 Return Rate
3 Investment Duration in Years
4 Amount Invested
Future Investment Value
fx
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Return Rate
9Investment Duration in Years
10 Monthly Payroll Deduction
11 Company Match
12 Monthly Investment
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Retirement plan Goal Seek Solution by changing Return Rate-Goal seek…
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O Editing
I U Dv Av .….
11
A
A B
出<=<三v|
Use the following information to answer questions #1-4
Mrs. Smith has a monthly payment of $230 for health insurance, a $500 deductible, an 80%/20% co-
insurance and co-payments of $15 for prescriptions and $45 for office visits.
1.
What is Mrs. Smith's premium?
a.
$45
b. $230
C.
$500
d. $1,000
2.
What amount will Mrs. Smith have to pay for medical services before the policy begins to pay?
a.
$45
b.
$230
C.
$500
d. $1,000
r for a small nrocedure costing $1,000 what percentage of the me
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Ch12 Homework
Question 17 of 20
>
0/1
View Policies
Show Attempt History
Current Attempt in Progress
X Your answer is incorrect.
Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were:
Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If
Neumark invests $98000 in the partnership, what is Landry's capital balance after Neumark's admittance?
O $121000
O $104800
O $116000
O $106800
eTextbook and Media
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VO 10:27
!!
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EXHIBIT 8-10 2023 Earned Income Credit Table
Qualifying
Children
0
1
2
34
0
1
2
3+
(1)
Maximum Earned
Income Eligible
for Credit
$7,840
11,750
16,510
16,510
(2)
Credit %
7.65%
34
40
45
(3)
Maximum
Credit
(1) x (2)
Married taxpayers filing joint returns
$16,370
28,120
28,120
28,120
(4)
Credit Phase-Out for
AGI (or earned income
if greater) over This
Amount
$ 600
3,995
6,604
7,430
7.65%
34
40
45
$7,840
11,750
3,995
16,510
6,604
16,510
7,430
Source: Internal Revenue Code. "Rev. Proc. 2022-38." www.irs.gov
All taxpayers except married taxpayers filing joint returns
$ 600
(5)
Phase-Out
Percentage
$9,800
21,560
21,560
21,560
7.65%
15.98
21.06
21.06
7.65%
15.98
21.06
21.06
No Credit When AGI
(or earned income if
greater) Equals or
Exceeds This Amount
(4) + [(3)/(5)]
$24,210
53,120
59,478
63,398
$17,640
46,560
52,918
$56,838
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please help me provide complete and correct answer for all requirements with all working for all parts answer in text please answer correct please remember answer all requirements or skip /leave for other expert thanks million thanks please double underline need answer for all requirements or skip please do not waste time or question by giving incomplete or incorrect answer please no copy paste from other answer
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Question 8 of 20
Current Attempt in Progress
1.
2.
3.
CPO
4.
bofa workjam (ulta)
workjam (ulta)
5.
1.
No. Account Titles and Explanation
2.
A Player
school
school b bartleby
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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The information below pertains to the retiree health care plan of Thompson Technologies:
($ in 000s)
2018BeginningBalances
2018EndingBalances
Accumulated postretirement benefit obligation
$
560
$
585
Plan assets
0
75
Funded status
(560
)
(510
)
Prior service cost–AOCI
195
158
Net gain–AOCI
(65
)
(64
)
Thompson began funding the plan in 2018 with a contribution of $142,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary’s discount rate is 5%. There were no changes in actuarial estimates and assumptions. Required:1. Determine the service cost for 2018.2. Determine the postretirement benefit expense for 2018.3. Determine the net benefit liability for 2018.
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Required information
[The following information applies to the questions displayed below.]
In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from
salary and he does not have any for AGI deductions.
What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate
and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
d. Zach is 17 years old and his AGI is $5,000.
Earned income credit
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4. Jeff, age 50, is thinking of purchasing a S100,000 permanent life insurance policy to fund a gift to his
local hospital. He was recently treated there after an automobile accident. He does not expect the policy to
be surrendered for a number of years and is concerned that inflation might erode the value of his gift.
Which of the following products would best suit Jeff's needs?
(A) A whole life participating policy with dividends used to reduce the annual premium.
(B) A term to 100 life insurance policy.
(C) A whole life participating policy with a paid-up additions dividend option.
(D) A whole life non-participating policy.
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Can you do proper formatting, if you use a table or or excel for the spreadsheet, attach proper image. I have attached an image on how the table should look like.
Also properly format the journal entries, make it easier to understand what is debit what is credit and the dates.
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Do Not Give image format
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