Answer:
An employee has an average wage of $60,000 and has worked for the firm for 28 years. The defined benefit pension plan pays retirees 2.3% of the average wage times the years of service. The employee can expect to receive __$1,380_____ per year upon retirement.
Explanation:
a) Data and Calculations:
Average wage = $60,000
Number of years worked in the firm = 28 years
Defined benefit pension plan rate = 2.3%
Annual defined benefit pension plan = $1,380 ($60,000 * 2.3%)
Total benefit to be received = $38,640 ($1,380*28) or ($60,000 *28 * 2.3%).
b) This employee is expected to receive the total benefit of $38,640 for serving the firm for 28 long years under the defined pension plan, given the plan rate of 2.3% of the average wage.
<span>Purchased the patent for $170,000 in the beginning of 2011.Expected useful life is 10 years.Has a legal life of 17 years.Amortization expense = Cost/estimated useful life = $170,000/10 years = $17,000 per yea</span>
They get sold to another shop with higher demand, or become breeding stock
Answer:
A.Income statement
Explanation:
The income statement of a institution or business that shows the expenses, costs and the incomes during a certain period of time, it is often done quarterly or annually in order to present the tax declaration, it is also known as "profits and loss statement" because it shows exactly if the business had profits or lost money during that period of time.
Answer: The sum of cash, short-term investments and net receivables divided by current liabilities
Explanation: The acid test ratio, also known as the quick ratio, is a liquidity ratio that is used to determine the ability of a company to pay its current liabilities if it rises immediately. It is considered to be more stringent ratio than the current ratio.
It is concluded by dividing those current assets that can be converted into cash immediately with the current liabilities of the company.
Therefore, from the above we can conclude that the correct statement is D.
