16. In 2011, the maximum amount that you could have contributed to your RRSP (Registered Retirement Savings Plan) was the lesser of $22,450 or 18% of your earned income from the previous year. How much income do you need to dlaim a $22,450 contribution in 2011?
Q: Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpA...
A: Solution:- step2 in solution.
Q: Liabilities* return on assets current ratio asset turnover AR turnover
A: The ratio analysis helps to analyse the financial statements of the business.
Q: 3. Consider the following two statements concerning share issues: Statement (1): Retained profits a...
A: Retained earnings is the profit retained in the company after paying dividend to its shareholders. I...
Q: On January 1, 2019, Ballieu Company leases specialty equipment with an economic life of 8 years to A...
A: The question is based on the concept of Lease Accounting in Financial Accounting.
Q: Assume that for a particular company, the only temporary difference for tax-effect accounting purpos...
A: Depreciation refers to the permanent decline in value of tangible assets, because of wear and tear d...
Q: more than 155 hours per month, he or she gets an additional "overtime" pay of $65.80
A: Aggregate plan is a planning done by Operations managers to make the most of the required production...
Q: Pine Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, C...
A: Shareholder refers to the entity that holds at least one share of the stock of company.
Q: E-25 (L08) (Bank Reconciliation and Adiusting Entries) Logan Bruno Company has just bank statement, ...
A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...
Q: ABC Enterprise would like to evaluate/analyze an investment proposal. Given the following: Investmen...
A: Answer:- Discount rate is 14% Dividends / Revenue stream is 100,000 Increase in revenue stream is 5...
Q: ght finances. Lillian did nc e, Lillian, withdrew $20,0C t and Lyle is the contribut e $20,000 withd...
A: Tax refers to the percentile charge levied by the government over the income gained by an entity.,
Q: withdrew $5,000 to buy a used Prelude, and at the end of the fifth year (1/1/11) she had to withdraw...
A: The difference amount will be only the future amount of withdrawals made. As the compounding is made...
Q: 1. Compute an activity rate for each activity using activity-based costing.
A: Activity based costing means where the product is valued on the basis of actual direct material , di...
Q: Question 2 A Massy Company issued $4,000,000 of 10-year, 11% bonds on January 4, 2021. The bonds pa...
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...
Q: 3. Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. ...
A: The simple cost of foregoing the cash discount is computed following formula: - Cost = Discount Per...
Q: Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone...
A: Journal entry refer to the first step in process of accounting which refer to recording of financial...
Q: a) In your own words, explain how do we account for service costs included within a contract to leas...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 ...
A: Financial statements are those statements and reports which are prepared at the end of accounting pe...
Q: The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $10...
A: answers Journal entries, ledger accounts an stockholders equity account is as prepared below: ...
Q: A. Storage Shelf; the $10 discount is greater than the $5 discount. B. Storage shelf; the markdown r...
A: Markdown The Calculation of Markdown is to the original selling price of the product with the discou...
Q: ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYAB...
A: The transactions is the business effects two or more accounts at the same time. The accounting equa...
Q: Provide examples of how a company can conceal financial fraud from an auditing firm through the use ...
A: The answer is stated below:
Q: following transactions for 2021 from the books of the business. This company operates one bank accou...
A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...
Q: Name of the Amount Name of the Amount | Account | Bank loan Bills payables Stock Capital Account 200...
A: Trial balance is a list of all ledger accounts having debit or credit balances , it helps in prepara...
Q: Directions: Identify the accounting principles that are being violated in the situation below. 7. ES...
A: Ans. Accounting principles are the basis or rules which need to be followed while preparing the book...
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions list...
A: Given : Total Income = $ 475000 January 1 to March 1 is $ 125000 March 2 to December 31 is $ 350000
Q: Before 2020, KnowieNowl Company used the cash basis of accounting. For the year ended December 31, K...
A: Cash Basis of accounting- Under this income and expense recorded in the books as and when the actual...
Q: Who is the father of Accounting and why he was called the father?
A: Accounting is a process to identify the business transactions, record the transactions and prepare t...
Q: The heading is the same on all three financial statements. True or false?
A: Solution Concept Heading in the financial statements There are basically three major...
Q: Can i get a step by step explanation on the book to bank method?
A: Book to bank method is a bank reconciliation method in which the reconciliation starts from the bala...
Q: order to determine usefulness of intangibles, investigation and the examination of income data relat...
A: Goodwill, patent and others is an intangible asset which cannot be seen or touched, add value to the...
Q: Wages Payable were P3,500 at the end of September and P2,800 at the end of October. Wages Expense fo...
A: Wages expense is the amount of expense incurred for the payment of labor.
Q: IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of...
A: Cash flow Statement is a aspect of financial statement that represents inflow and outflow of cash in...
Q: Aloha Company reported the following year-end information: Beginning work in process inventory $2,10...
A: Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Endin...
Q: Alon is a retired Doctor. His wife Nancy is a retired Social Worker. Both wish to remain active and ...
A: All profits and losses are to be shared equally between the three partners- Alon, Heather, and Nancy...
Q: A bond is sold at $98 of its face value ($100). Therefore, the bonds are: A) Sold at a discount beca...
A: The Bonds are source of financing which can be issued at discount or par or at premium. When Issue p...
Q: Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth ...
A: Answer) Calculation of Final Selling Price Selling price after final markdown = Selling price after ...
Q: Required: How much total overhead cost would be assigned to K425 and M67
A: Answer Activity Cost Pool K425 M67 Supporting direct labor $480 ($6 * 80) $3,000 ($6 * 500)...
Q: 1sacti Compa et of t-accounts as an attachment to this assignment. The company st 9. ith, owner, inv...
A:
Q: A post-closing trial balance is prepared to test the equality of the general ledger after all adjust...
A: Answer) False
Q: ll business decisions have a on people. Oapplication O risk O effect recourse
A: Solution Concept Every business is operated on the society and it largely is affected by the society...
Q: Assume the following year 2 income statement for Johnstone Corporation, which was a C corporation in...
A: C Corporation: A C-organization is a made up legitimate substance that is made to show a business to...
Q: The five criteria of lease classification in US GAAP do not include: A) The agreement specifies that...
A: Answer) option B The present value of the lease payments exceeds half of the fair value of the asset...
Q: When converting accrual basis to cash basis of accounting, which of the following adjustments should...
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received an...
Q: Subject- Audit SUMMARIZE THE CORE ISSUES for the following topic:- • ISA 510, Subsequent Events
A: Introduction:- The auditor's responsibilities in relation to opening balances in an initial audit en...
Q: 4. Estrada V. Escritor sells on terms 3/10, net 30. Total sales for the year are P2,539,130. Forty p...
A: The calculation of sales per day has been made as follows: Sales per day=Total salesNumber of days i...
Q: Braxton Technologies, Inc. constructed a conveyor for A&G Warehousers that was completed and ready f...
A: Note Payable refers to legal arrangement among the issuer as well as payee, where issuer agree to p...
Q: Asian Transit Marine Corporation (Lessee) leases a forklift from NDP Leasing Corp. (Lessor). The lea...
A: Date Particulars Debit (P) Credit (P) 1 Jan 2019 Lease receivables Forklift (Asset given on...
Q: 2. A company is contemplating whether to accept a new project which requires the following three typ...
A: Answer to Question: A relevant cost is those cost which have influence on the decision of decision m...
Q: Required: 4. Using the high-low method, calculate Camp Rainbow's total fixed operating costs and var...
A: 4. Variable Operating cost per child = (Highest activity cost – Lowest activity cost)/(Highest activ...
Q: Determine the cost of goods sold under LIFO:
A: Answer Cost flow statement using LIFO Cost of Goods Available for Sale Cost of Goods Sold...
Step by step
Solved in 2 steps
- i need someone to please answer my math questions Given the following data: post -retirement contribution Annual contribution : 7500 tax bracket: 15%, Effective rate: 9% , Investment years: 25 Calculate the available retirement income (after tax) for the post-tax contribution by reducing the contribution amount by the tax you would have to pay on that amount BEFORE calculating the final annuity amount.Your retirement account has a current balance of $3, 123. What interest rate would need to be earned in order to accumulate a total of $5,000,000 in 24 years by adding $3,123 annually? Is this possible? Why or why not?In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 27 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?_____$
- Assume that you begin saving 3% of your total income in an employer-provided retirement plan at work. Each year, your income increases by 4%. As a result, you increase the percentage of your income you devote to your retirement plan by 2%. How long will it take for you to be saving at least 20% of your income? (Assume no taxes.) Based on your calculations from part a, how much will you be saving (using the end-of-year savings rate) over the next 10 years if you earn $30,000 this year? What is an alternative approach you might recommend for this situation? Why might it be better?1b. You have just made a $1,500 contribution to your individual retirement account. Assume you earn a 12 percent rate of return and make no additional contributions. How much more will your account be worth when you retire in 25 years than it would be if you waited another 10 years before making this contribution?How much interest did you gain if you invested in a retirement plan with a rate of 2.5% over 42 years? Your monthly deposits totaled $520.
- What’s the rate of return you would earn if you paid $1,500 for a perpetuity that pays $105 per year?You would like to have enough money saved to receive a $90,000 per year perpetuity after retirement. The annual interest rate is 8 percent. Required: How much would you need to have saved in your retirement fund to achieve this goal? a) Assume that the perpetuity payments start on the day of your retirement. b) Assume that the perpetuity payments start one year from the date of your retirement.Kal.4 Consider a retirement financial plan where you begin contributing at the age of 25. In this plan you make annual payment of $5000 until you reach the age of 50. Starting from the age of 60 and continuing until the age of 70, you receive annual payments of $15000 assuming an annual discount rate of 3% evaluate the worthiness of this financial plan.
- Directions: Determine whether each of the following situation is Simply Annuity or General Annuity. Write your answers on the space provided. 1. A life insurance contribution paid monthly while the interest is compounded quarterly. 2. Your mom decided to join their office cooperative and agreed to contribute P1000 per month beginning in January 2020 which will earn 3% compounded monthly. 3. Your parents are planning to save for their retirement. To do this, they want to set aside a portion of their salaries and contribute monthly for their retirement funds which will earn 5% compounded quarterly. 4. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 5. A college educational plan earns 4% compounded quarterly and payments are made quarterly. 6. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 7. A college…J and J are looking to save for retirement and the following applies: Estimated Income Needed (Annual): $ 50,000 Estimated Social Security Benefit and Pension (annual): $ 35,000 Inflation factor is 3% for 30 years Anticipated Return on Assets held after retirement is 6% Based on the information above, please estimate how much additional retirement savings should J and J have at retirement to meet their financial goals.Assuming a tax rate of 30%, a nominal return of 9%, a savings period of 35 years, and an annual deposit of $10,000 into an RRSP, how much will a person have saved for retirement? What is your recommendation regarding when the contributions should be made to the RRSP? Justify your answer using the time value of money