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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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Amortizing prior service cost for pension plans will:
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Increase retained earnings and decrease accumulated other comprehensive income.
Decrease retained earnings and decrease accumulated other comprehensive income.
Increase retained earnings and increase accumulated other comprehensive income.
Decrease retained earnings and increase accumulated other comprehensive income.
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TABLE 9-2 Rates for Retirement Savings Contributions Credit
Check my work
Modified Adjusted Gross Income
Joint Return
Head of Household
Determine the retirement savings contributions credit in each of the following independent cases Use
Table 9-2
Over
0
Not Over
Over
Not Over
$ 41,000
S
0
$ 30,750
All Other Filing Status
Over
S O
Applicable
Percentage
Not Over
$ 20,500
50%
Retirement
Savings
Contributions
41,000
44,000
30,750
33,000
20,500
22,000
20%
44,000
68,000
33,000
51,000
22,000
34,000
10%
Credit
68,000
51,000
34,000
0%
A married couple filing jointly with modified AGI of $37.500 and an IRA contribution of $1,800.
b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1.900
c. Ahead of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,990
d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,800.
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2. Use the worksheet tab Problem 2 A-FV Retirement and
Problem 2 B -PV Invest
K
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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
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Return Rate
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750
$10,000.00
19
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Future Savings Value at $25,000
Insert
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Cells
G
O
dating
FS
Sensitivity
Retirement plan Goal Seek Solution by changing Return Rate-Goal seek…
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can you please help me find the earnings for 1 and 2.
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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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education.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
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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
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VO 10:27
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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.
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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, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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The information below pertains to the retiree health care plan of Thompson Technologies:
($ 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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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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Question 14
what give rises to the changes in PBO balance?
A- service cost and interest cost
B- prior service cost that is caused by a change in pension formula
C- changes in life expectancy estimates
D- all of the above
O A
O C
OD
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