10:14 O 4G 4G Vo 0.00 A LTE2 KBs 73 01:56:00 Remaining Multiple Choice X purchased the life insurance of Y for 150,000. He continued the policy by paying P60,000 premium after which Y died. X collected the P1,000,000 proceeds of the policy. How much will X exclude from his gross income? O P60,000 O P150,000 O P210,000

10:14 O 4G 4G Vo 0.00 A LTE2 KBs 73 01:56:00 Remaining Multiple Choice X purchased the life insurance of Y for 150,000. He continued the policy by paying P60,000 premium after which Y died. X collected the P1,000,000 proceeds of the policy. How much will X exclude from his gross income? O P60,000 O P150,000 O P210,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 4 Mr Johnson has just retired at 65 with a defined contribution pension pot £125,000. He is a smoker and has chosen not to drawdown anything from the pot. Mr Johnson is not concerned with inflation. From the following available annuities, what would be Mr Johnson's annual pension? Age Level Rate Smoker Level Rate Smoker 3% Escalation 55 £4,402 £5,271 £3,502 60 f4,836 £5,770 £4,036 65 £5,506 f6,403 £4,805 70 £6,306 £7,443 £5,754 75 £7,852 £8,848 £7,185 All annuities have been calculated on a pension pot of £100,000. Answer Annual Pension A £6,003 В f6,006 £6,883 £8,004
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Exercise 10-3A (Algo) Determining the present value of a lump-sum future cash receipt LO 10-1 Gail Trevino expects to receive a $630,000 cash benefit when she retires seven years from today. Ms. Trevino’s employer has offered an early retirement incentive by agreeing to pay her $368,000 today if she agrees to retire immediately. Ms. Trevino desires to earn a rate of return of 10 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Calculate the present value of the $630,000 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.)
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Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2022. They pay $8,000 in 2021 and $7,500 in 2022 for qualified adoption expenses. In 2022, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2022? $ b. How much credit could they claim if the adoption falls through and is never finalized? c. How much credit could they claim if their AGI was $229,410?
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