S benefit is $4,194 (A
Q: Hanson Company has 350,000 shares of P10 par value ordinary shares outstanding. During the year,…
A: A company may decide to distribute dividend either in cash, kind or shares.
Q: A company sells its products for $80 per unit and has per-unit variable costs of $30. What is the…
A: Introduction: Contribution margin per unit: Deduction of variable cost from Sales price per unit…
Q: Fixed Overhead Variances Rostand Inc. operates a delivery service for over 70 restaurants. The…
A: given Fixed Overhead Variances Rostand Inc. operates a delivery service for over 70 restaurants.…
Q: ABC Company operates two divisions with the following sales and expense information for the month of…
A: Operating Income refers to Sales less Operating Expenses. Contribution margin refers to Sales Minus…
Q: CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the…
A: LIFO Method is different from FIFO Method as it shows inventory from the earliest purchased material…
Q: Waterways is considering the replacement of an antiquated machine that has been slowing down…
A: The question is based on the concept of Cost Accounting.
Q: A corporation issues for cash $1,000,000 of 8%, 20-year bonds, interest payable annually, at a time…
A: The bonds payable are issued at premium when market rate is lower than the coupon rate of bonds…
Q: cost of P6,200,000. At December 31, 2021, the market value San Jose Realty Corporation acquired a…
A: An investment property is a piece of real estate purchased with the intention of earning a return on…
Q: Explain why deficiencies in internal controls might not always result in significant misstatements…
A: Internal controls are the systems, rules, and processes implemented by a company to ensure the…
Q: Petty cash fund Accrued expenses Prepaid expenses Accumulated depreciation-Equipment Test II The…
A: Ratio analysis is an important activity undertaken by most firms in order to analyze their…
Q: Comparly sigis ari agree on January1 Tease equippm isor Company. bilowing Ifir relates to this…
A: Lease Accounting
Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…
A: Calculation of Cost of Goods Sold Cost of Goods sold = Beginning Inventory + Value of inventory…
Q: Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent…
A: A flexible budget is one that can be adjusted to reflect changes in real income levels. When an…
Q: 2.Kings Company gives warranties at the time of sale. Sales of P20,000.000 were made evenly
A:
Q: What is the effect of an increase in activity on the following items? a. Total variable costs b.…
A: a) An increase in activity would increase the total variable costs proportionately. Variable cost is…
Q: SergioRal the Balian aner who strted eporing cicken et from rai toChia Which fthe foloing events was…
A: Entrepreneurial alertness means capability of an individual to process and analyse information and…
Q: For the indicated units produced, South-western, Inc. reported the costs shown below: Units…
A: Answer A) Calculation of total variable manufacturing cost per unit Total Variable manufacturing…
Q: Letena Company had only one job in process on July 1. The job had been charged with $1,000 of direct…
A: When actual manufacturing overhead is more than the applied manufacturing overhead , the overhead is…
Q: On March 25, 2020, Blue Steel co. purchased a new extrusion machine for Php 3,344,015 with an…
A: Formula: Annual Depreciation rate = Annual Depreciation / No. of hours used in the year where,…
Q: Shimada Products Corporation of Japan plans to introduce a new electronic component to the market at…
A: Target cost is the cost which need to incurred by a entity in order to arrive the predetermined…
Q: The income statement for the year 2020 of Blue Co. contains the following information: Revenues…
A: In income statement if their is a net debit balance then it represents that the expenses are greater…
Q: ome research and planning, you have estimates for the various operating costs for your business.…
A: Operating costs are associated with a company's upkeep and administration. Rent, labour, and other…
Q: On 1 May, the accounts receivable subsidiary ledger of Gerome Ltd had the following balances:…
A: Balancing of account refers to after posting into the ledger, the next step to ascertain the net…
Q: Ace Products sells marked playing cards to blackjack dealers, It has not paid a dividend in many…
A: A stock dividend is when a corporation distributes its shareholder's shares rather than cash. It…
Q: Maricopa's Success scholarship fund receives a gift of $ 150000, The is invested in stocks, bonds,…
A: Suppose amount invested in CDs is a, so the amount invested in bonds is a + $20000, The Total amount…
Q: During 2021, Voight Inc. received the following payments for services: May 1: Received $120,000 in…
A: Unearned revenue is the revenue earned but service is yet to be completed and delivered or rendered.
Q: The following dividend transactions were summarized by Hyatt Company during 2022: Share dividend…
A: When shares, property, inventory, equipment, or any physical asset are given to shareholders as an…
Q: Imperial Jewelers manufactures and sells a gold bracelet for $400.00. The company's accounting…
A:
Q: At December 31, 2021 the following balances existed on the books of Bulaga Corporation: Bonds…
A: If the bonds are redeemed at more than the carrying value of the bonds , the bonds are said to be…
Q: On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued…
A: Carrying value of the bonds = Issue value of the bonds + Amortization of discount where, Issue value…
Q: BUS 038 : Business Computations 13 Which type of discount (trade discount or cash discount) is given…
A: Since you have posted multiple questions, we will do the first one for you. To get the other…
Q: Net income was S504,500 in 2020, $489,000 in 2021, and S526,500 in 2022. What is the percentage of…
A: Formula used: Percentage of change = [ ( 2021 - 2020 ) / 2020 value ]
Q: CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the…
A: Formula: LIFO Reserve = Valuation as per FIFO – Valuation as per LIFO
Q: Lightfoot Inc., a software development firm, has stock outstanding as follows: 15,000 shares of…
A: The question is based on the concept of Financial Accounting. Preference shares carries the dividend…
Q: The current assets of Lane Enterprises are considered very liquid at 30 June 2013. This means that…
A: The balance sheet includes the assets, liabilities, and stockholders' equity. Liquid assets are the…
Q: A company sells its products for S80 per unit and has per-unit variable costs of $30. What is the…
A: Contribution margin is the excess of sales price over the direct costs of a product. The…
Q: Mackinac Island produces various fudge flavors,the most popular being chocolate fudge. The…
A: Purchase = Requirement + Desired ending material inventory − Beginning inventory material inventory
Q: product produced by Rosalyn Company over the last 6 months: Units Produced 30,000 42,000 40,000…
A: Solution: Under high low method, higher level of activity and lowest level of activity is compared…
Q: Heartland Hospital is a private hospital with a June 30 fiscal year end. Prepare the journal entries…
A: Introduction Private non - profit entities reports their net assets according to provisions of ASC…
Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…
A: Point of sale (POS) is place where a customer made payment for goods or services. Point of sale…
Q: On December 31, 2021, Gabriel Inc. has 100,000 common shares and 10,000, $1 no-par value preferred…
A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…
Q: On January 1, 2022, Iced Latte Corporation issued 5,000 10-year bonds of 12% P1,000 face value, each…
A:
Q: (Obj. 2) Ricardo works two jobs each day, Monday through Friday. He works eight hours at his first…
A: Here, Only business trips covers but not included home to business and back, therefore home to job 1…
Q: Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets…
A: Solution:- Preparation of Comparative balance sheet as follows under:- Vertical analysis percentage…
Q: Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: he Mickey corporation has an annual profit before interest and tax of $19.6M, and an interest cost…
A: The interest coverage ratio indicates the efficiency of the business entity to pay out its interest…
Q: 1. Mr. Cruz is a minimum wage earner and a part-time real estate agent for a real estate broker. In…
A: Calculation of Income Tax
Q: He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day,…
A: Emoluments Gross Emoluments which includes salary and other compensatory benefits and other…
Q: Birch Company normally produces and sells 48,000 units of RG-6 each month. The selling price is $20…
A:
Q: Carmen, Inc. is considering three different independent investment opportunities. The present value…
A: In the given question, multiple independent projects are there. Since Net Present value of all these…
What is the maximum monthly social security benefit a person can receive if retiring exactly 1 year after full retirement age in 2022?
Group of answer choices
$3,613
$3,345
$3,500
$4,148
2022 max monthly SS benefit is $4,194 (Age 70) • 2022 max monthly SS benefit is $3,345 (Full Retirement Age) • 2022 max monthly SS benefit is $2,364 (Age 62) • Benefits are increased annually to account for inflation
(Cost of Living Adjustments).•
2011-2021 Average = 1.60%
2022 = 5.9%
Step by step
Solved in 2 steps
- Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210Use the Defined Benefit Excel spreadsheet reviewed in class to answer this question. What is a retiree's current defined benefit amount based on the following information: Current Age = 68 Average Salary = $90,000 Service Years = 15 Retirement Age = 65 Multiplier = 1.75% Cost of Living Adjustment 2.50% O $23,625 O $24,877 O $25.442 O $26,455 please answer and explain
- For 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account? a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. b. $1,000 annually. c. $3,000 annually. d. all of the above.Qualified Retirement Plans Including Section 401(K) Plans (LO 5.4) What is the maximum tax-deferred contribution that can be made to a Section 401(k) plan by an employee under age 50 in 2020? a.$26,000 b.$19,500 c.$19,000 d.$20,000 e.$56,00011. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 2 pts 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position?
- Question 13 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,000. How much would their monthly Social Security check be worth using the PIA formula? *Do not use dollar signs*What would the the comuted value of the defined benefit pension plan be in the following example? Frank is leaving his job and pension at age 65 and has 33 years in the defined benefit pension plan which provides 2% per year of service based on the average best five years of income. His best average five years earnings were $75,000. The pension plan assumes life expectancy is age 92 and the rate of return of 1.1%.How much is the annual retirement benefit expense for the year ended December 31, 2021? a. ₱ 312,902 b. ₱ 1,390,675 c. ₱ 104,301 d. ₱ 417,203
- In 2021, the maximum Registered Retirement Savings Plan (RRSP) contribution limit is $27,830. Assuming there is no pension plan, at what salary would you need to make to hit this limit knowing that the formula for RRSP contribution is 18% of the previous year's earned income? A $140,944 В None of the above, there is no earned income limit $154,611 $100,000 E $117,342An employer maintains pension trust for its employees. The following information are made: Description 2018 2019 2020 Current service costs 1,500,000 1,700,000 2,000,000 Past service costs 800,000 600,000 How much is the deductible pension contributions for the year 2020?Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 15% (10%) expected)…