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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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Retirement plan Goal Seek Solution by changing Return Rate-Goal seek…
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I U Dv Av .….
11
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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
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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
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Question 8 of 20
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2.
A Player
school
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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, $7,100.
Paid the worker's weekly wage.
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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The information below pertains to the retiree health care plan of Thompson Technologies:
($ 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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I Need Help Finding Row 13 and 14
The Income Summary And Retained Earnings
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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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Req 1 to 4
Req 5
Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments.
Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in
thousands (i.e., 10,000 should be entered as 10).
View transaction list
1 Record the pension expense.
2 Record funding of plan assets.
3 Record retiree benefit payments.
*****
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Credit
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Service cost
Interest on projected benefit obligation
Interest on vested benefits
Amortization of prior service cost due to increase in benefits
Actual return on plan assets
O $945000.
O $850000.
O $660000.
O $725000.
$460000
295000
125000
65000
95000
-/1
If the actual return equals the expected return on plan assets, the amount of pension expense to be reported for 2026 is
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Select one:
a. Selling a parcel of land
b. Purchasing a new computer
c. Purchasing short-term
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O d. Buying treasury stock
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Amortize Premium by Interest Method
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate
of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda's fiscal year begins on January 1. The company uses the Interest method.
a. Journalize the entries to record the following:
1. Sale of the bonds. Round to the nearest dollar. If an armount box does not require an entry, leave it blank.
the nearest dollar. If an amount box does not require an entry, leave it blank.
2. First semiannual interest payment, including amortization of premium. Round
3. Second semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
b. Determine the bond…
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Question 9 of 20
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Actual return on plan assets
Amortization of net gain
Amortization of prior service cost due to increase in benefits
Expected return on plan assets
Interest on projected benefit obligation
Service cost
Pension expense for 2022 is
O $1923200.
O $1891900.
O $1168600.
O $1614000.
$336900
134700
241400
368200
580100
1295400
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Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you
go to graduate school. Starting next year, and for the following four years, he plans to deposit $2,350, $8,600, $7,200, $6,600, and
$12,150 into the account. How much will you have at the end of the five years? (Round answer to 2 decimal places, e.g. 15.25.)
Future value at end of five years
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Determine the retirement savings contributions credit in each of the following independent cases. Use Table 9-2.
a. A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,790.
b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,880.
c. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,980.
d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,775.
Retirement
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- 2. Use the worksheet tab Problem 2 A-FV Retirement and Problem 2 B -PV Invest K File 6 7 ñ Paste K11 16 17 18 Book1 - Excel Clipboard Home Insert Calibri X Dr- Ready B I U 89- Draw Page Layout Formulas Data Review View == 28 M =100- Font 2 Return Rate 3 Investment Duration in Years 4 Amount Invested Future Investment Value fx One-Time Investment Scena Return Rate 9Investment Duration in Years 10 Monthly Payroll Deduction 11 Company Match 12 Monthly Investment 13 Current Balance 14 Future Investment Value 15 Sheet1 11 A A A- Retirement Plan Scenario Sheet2 Accessibility: Investigate D O AI 19 9 Return Rate = 5.500% 13 7500 Alignment 4.500% 35 500 50% 750 $10,000.00 19 D O Search General - $ % 9 68 28 Number Automate Help Acrobat Conditional Formatting W Format as Table Cell Styles - Styles Goal seek Future Savings Value at $20,000 Future Savings Value at $25,000 Insert Delete Format - Cells G O dating FS Sensitivity Retirement plan Goal Seek Solution by changing Return Rate-Goal seek…arrow_forwardcan you please help me find the earnings for 1 and 2.arrow_forwardPlease Do not Give solution In image Format Otherwise Rejected my Questionarrow_forward
- Q Search References Review View Help Tell me what you want to do 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 mearrow_forwardeducation.wiley.com/was/ui/v2/assessment-player/index.html?launchid=81efd2b2-d564-4eeb-b011-67c54ee7e2bb#/question/16 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 Attempte: 1 of 2uced VO 10:27 !!arrow_forwardplease 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 answerarrow_forward
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