Mark and Parveen are the parents of three young children. Mark is a store manager in a local supermarket. His gross salary is $87,000 per year. Parveen is a full-time stay-at- home mom. Use the easy method to estimate the family's life insurance needs. Insurance need $
Q: Selling price per unit Variable manufacturing costs per unit Variable selling and administrative…
A: The Contribution margin is the difference between the sales revenue and the variable costs.…
Q: Your credit card charges an APR of 29% on your balance. Interest is compounded on a daily basis made…
A: Over the course of a predetermined period, regular payments are made on a loan, with each payment…
Q: K- The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The…
A: Notes Receivable is a ledger used to record when the amount is loaned to others by the organization.…
Q: Sheffield Ltd. (SL) is a retailer of office equipment. The company uses a periodic inventory system…
A: Cost of goods available means the sum of beginning inventory units and the purchases made during the…
Q: Ray Company provided the following excerpts from its Production Department's flexible budget…
A: Flexible budget performance report is the one which is prepared by the entity to compute the…
Q: Beginning inventory. Net purchases Net markups Net markdowns Net sales. Beginning inventory Net…
A: LIFO is last in first out method means inventory bought last is sold first.Inventory means the…
Q: Materials issued are as follows: Requisition No. 201 202 203 204 205 Material Aluminum Plastic…
A: The journal entries are prepared to record the transactions on regular basis. The direct costs are…
Q: In late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of…
A: Since multiple questions have been asked, We will solve only the first question. If any particular…
Q: The Moody Company produced three joint products at a joint cost of $117,000. Two of these products…
A: Joint costs means the costs incurred in producing multiple products simultaneously from the same raw…
Q: Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The…
A: Under the FIFO method, the beginning inventory units are completed before the introduced units. The…
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores.…
A: ACTIVITY BASED COSTINGActivity Based Costing is a powerful tool for measuring…
Q: Differences Between Being Self-Employed and Employed ?
A: Individuals who are self-employed work for themselves, managing their own enterprises or offering…
Q: Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet…
A: Net accounts receivable represents the amount of money a company expects to collect from its…
Q: At January 1, 2024, Hilly Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for…
A: Accounts receivable :Money that the business will be receiving from its clients who have utilized…
Q: Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September…
A: Mainly ending inventory can be valued in three method namely FIFO, Weighted average cost and LIFO…
Q: Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying…
A: In the US, the Earned Income Credit (EIC), also sometimes shortened to EITC, is a refundable tax…
Q: d. December 31, Year 3-Interest payment. Date Dec. 31, Year 3 Account Name Date Dec. 31, Year 3 To…
A: To raise funds, notes can be issued. The notes are issued at a discount, which means that the cash…
Q: Current Liabilities Which of the following items are normally classified as current liabilities for…
A: Liabilities: These refer to the amount borrowed by the business from lenders including creditors,…
Q: Division A of Huskie, Inc. has operating data as follows: Capacity Selling price 20,000 units $80…
A: Lets understand the basics.Transfer price means the price charged by one department from other…
Q: Explain the ABC inventory management system and the just-in-time inventory managementsystem
A: The objective of this question is to understand two different inventory management systems: ABC and…
Q: Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was…
A: Depreciation expense is the non-cash expense charged on the non-current assets of the entity. It is…
Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: The following tabulations are actual sales of units for six months and a starting forecast in…
A: Simple exponential smoothing is a forecasting method that uses weighted averages of past data to…
Q: Beck Construction Company began work on a new building project on January 1, 2023. The project is to…
A: The principle of conservatism guides the recognition of revenue in accounting. Anticipated gains are…
Q: TB MC Qu. 4-24 (Static) Privott, Incorporated, manufactures... Privott, Incorporated, manufactures…
A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…
Q: Analyzing Cash Dividends on Preferred and Common Stock Potter Company has outstanding 17,000 shares…
A: The objective of the question is to calculate the total amount of cash dividends paid to each class…
Q: Applying the lower-of-cost-or-market Cost per Unit Item A B C Inventory Quantity 218 80 56 $14 19…
A: Lets understand the basics.Net realizable value is a value derive if item gets sold in the market.…
Q: Westerville Company reported the following results from last year's operations: Sales Variable…
A: Residual income is the income earned by the company after excluding the return of the average…
Q: quires a 7 year class asset on May 9,2021 for $80,000(only asset acquired during the year). Euclid…
A: Depreciation is the process of reducing the value of the assets. It is a non-cash expense of the…
Q: Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was…
A: Depreciation: It implies a gradual reduction or decrease in the company's fixed asset value over the…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…
A: Inventory valuation methods is an accounting practice used to evaluate the value of an ending…
Q: 1/1 1/20 7/25 10/20 1 Beginning Inventory Purchase Purchase Purchase 2 Units 130 650 130 390 1,300…
A: FIFO means the item which is received first will be sold out first. LIFO means the item which is…
Q: Indigo Corporation has the following balances at December 31, 2020. Projected benefit obligation…
A: The liability that arises due to the deferred payment of pension of either current or former…
Q: Current Attempt in Progress Prepare journal entries to record the following sales transactions in…
A: Perpetual inventory system is that system under which all transactions related to inventory are…
Q: Monty Company's Small Motor Division manufactures a number of small motors used in household and…
A: Transfer pricing methodology is that methodolgy which helps in determining prices at which product…
Q: Wildhorseuses DM of $47,000 and incurs DL and MOH costs of $55,000 and $27,000, respectively, in a…
A: Joint costs means the costs incurred in producing multiple products simultaneously from the same raw…
Q: 9. Last month, Brand Products manufactured 25,000 calculators and sold 23,000 of these calculators…
A: VARIABLE COSTINGVariable Costing is a Cost Managerial Accounting Method in which all variable cost…
Q: Walgreens Boots Alliance, Inc., reported inventories of $2,280 million and $2,362 million in its…
A: Answer:- Adjustment needs to be made in the cost of goods sold for changes in inventory valuation of…
Q: osby Company owns a chain of hardware stores throughout the state. The company uses a periodic…
A: Last in, first out (LIFO):- As per LIFO method records the most recently produced items as sold…
Q: 1. Materials Costing Methods. The Mellan Company began using a new raw material during May, 19-,…
A: FIFO means the item which is received first will be sold out first. LIFO means the item which is…
Q: Sanchez & Company produces paints. On it had no work-in-process inventory. It sta production of…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: George and Kenneth borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their…
A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…
Q: Current Attempt in Progress For Sheridan Company, variable costs are 70% of sales, and fixed costs…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: The following information is departmental cost allocation with two service departments and two…
A: Under the step method of allocation, the cost from one service department is allocated to other…
Q: Swifty Corporation manufactures and sells high-priced motorcycles. The Engine Division p motorcycle…
A: When assets, products, or services are moved between affiliated companies within a corporate group…
Q: Recording Entries for an Installment Note Payable On January 1 of Year 1, a borrower signed a…
A: Written agreements called "notes payable" state that one party will give the other party a specific…
Q: Cullumber Inc. is a publicly traded company that uses straight-line depreciation and the revaluation…
A: Revaluation Surplus: It refers to an equity account maintained by the business to record or store…
Q: Accounts receivable, net of allowances of $411 and $380 $ 29,224 $ 26,381 Net sales revenue 66,169…
A: The gross accounts receivables are calculated as sum of net accounts receivables and allowance for…
Q: Penny's direct material cost is $3 per unit. The direct labor rate is $17 per hour and each units…
A: Cost of goods sold is calculated by multiplying product cost per unit by number of units sold.…
Q: Book Priet erences M7-3 (Static) Identifying Relevant and Irrelevant Costs [LO 7-2] Isabella Canton…
A: Relevant costs are future-oriented and play an important role in decision-making since they give…
Bha
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Mark and parveen are the parents of three young children. Mark is a store manger in a local supermarket. His gross salary is 75,000 per year. Parveen is a full time stay at home mom. Use the easy method to estimate the family’s life insurance needs.Martin and Rachel are married and have a 3-year-old child. Martin is going to medical school full-time for 12 months of the year and Rachel earns $45,000. Their child is in day care so Martin can go to school while Rachel is at work. The cost of their day care is $10,000. What is their child and dependent care credit? Please show your calculations.Shaan and Anita are married and have two children, ages 8 and 10. Anita is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and Anita should carry. (Use $20,000) Insurance need $
- Christian and Monica are married and are both in good health with reasonably secure careers. Christian and Monica have annual incomes of $60,000 each. The family debts are a home mortgage of $120,000, car loans of $10,000, personal debts of $14,000, and credit card loans of $7,500. The estimated funeral cost is $6,000. Under the DINK Method, what is the amount of total insurance that Christian would need?Martha and Jean are married and have 4-year old twins. Jean is going to school full-time for 9 months of the year, and Martha earns $45,000. The twins are in day care so Jean can go to school while Martha is at work. The cost of daycare is $10,000. What is their child and dependent care credit? Please explian calculations.Sharon and Brian are in good health and have reasonably secure careers. Each earns $45,000 annually. They own a home with a $125,000 mortgage; they owe $25,000 for their car loans and have $22,000 in student loans. If one should die, they think that funeral expenses would be $12,000. What is their total insurance need using the DINK method?
- Nancy is a widow with two teenage children. Nancy's gross income is 54200 per month, and taxes take about 22% of her income. Using the income method, Nancy calculates she will need to purchase about eight times her disposable income in life insurance to meet her needs. How much insurance should Nancy purchase?You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $261,000; Auto loan = $10,000; Credit card balance = $2,150; and other debts = $6,200. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Total insurance need $ 288,350Joetta Hernandez is a single parent with two children and earns $67,500 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $90,000 saved in a 401(k) plan, $7,500 in mutualfunds, and a $4,500 certificate of deposit. She wants to purchase term life insurance for 15 years until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 6 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? Assuming she can receive a 6% after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is $_____
- Martha has a 3-year old child and pays $10,000 a year in day care cost. Her salary is $45,000. How much is her child and dependent care credit?Life Insurance Needs for a Young Married Couple. Amy and Mack Holly from Rapid City, South Dakota, have been married for three years. They recently bought a home costing $212,000 using a $190,000 mortgage. They have no other debts. Mack earns $62,000 per year, and Amy earns $71,000. Each has a retirement plan valued at approximately $20,000. They recently received an offer in the mail from their mortgage lender for a mortgage life insurance policy of $190,000. Their only life insurance currently is a $20,000 cash-value survivorship joint life policy. They each would like to provide the other with support for at least five years if one of them should die. a.) What amount of coverage should they get? Explain.Shaan and Anita are married and have two children, ages 8 and 10. Anita is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and Anita should carry. Insurance need