Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Question

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Answer 1

Question

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

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Answer 2

Question

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

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Answer 3

Question

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

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Answer 4

Question

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

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Answer 5

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

Answer 6

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

Answer 7

Chapter 19, Problem 1DQ

To determine

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Answer 8

Expert Solution & Answer

Explanation of Solution

Defined contribution plans: In a defined contribution plan, the additions made to an employee’s account annually cannot exceed the lesser;

“$56,000 (during 2019)”, (or)
“100 percent of the compensation made by the employees”.

Defined Benefit plans: In a defined benefit plan, the annual benefit paid to an employee is restricted to the lesser of the following;

“$225,000 (in 2019)” or
“100% of the average compensation for the highest three years of employment”.

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Serial Number	Applied to the best of
a.	DBP.
b.	DCP.
c.	DBP.
d.	N.
e.	DBP.
f.	B.
g.	N.
h.	DCP.
i.	DCP.
j.	DBP.

Table (1)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 19 - Prob. 1DQ Ch. 19 - Prob. 2DQ Ch. 19 - Prob. 3DQ Ch. 19 - Prob. 4DQ Ch. 19 - Prob. 5DQ Ch. 19 - Prob. 6DQ Ch. 19 - Prob. 7DQ Ch. 19 - Prob. 8DQ Ch. 19 - Prob. 9DQ Ch. 19 - Prob. 10DQ

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Ascertain whether each of the following independent statements is best applied to a defined contribution plan (DCP), a defined benefit plan (DBP), Both (B), or neither (N).

Explanation of Solution

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Chapter 19 Solutions