Answer:
$3,000
Explanation:
Based on the information given we were told that he has a PART-TIME JOB THAT WILL PAY him the amount of $3,000 this coming year which means that the amount he can contribute to a TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT for his first year in retirement will be the EARNED INCOME of the amount of $3,000 which will therefore be his maximum INDIVIDUAL RETIREMENT ACCOUNT (IRA) contribution for this year.
Procedures are in place that ensure that subjects will be covered in a manner proportionate to the Common Rule, including inspection by an independent committee comparable to an IRB.
<h3>What is meant by an assurance of compliance?</h3>
An institution must provide a written assurance of compliance with the conditions of the assurance and the requirements of 32 CFR Part 219, as determined by the Human Study Protection Official to be suitable for the research supported by the Department of Defense (DoD) component (32 CFR 219.103).
The word "compliance assurance" refers to all the steps an organisation takes to make sure that rules, policies, and procedures are followed and are perceived to be followed. The IRB's main goal is to uphold the rights and welfare of any human subjects involved in research projects that fall within its purview.
Hence, Procedures are in place that ensure that subjects will be covered in a manner proportionate to the Common Rule, including inspection by an independent committee comparable to an IRB.
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Answer and Explanation:
The journal entries are shown below:
On Jan 1
Cash $400,000
To Bonds payable $400,000
(Being the bond is issued for cash)
For recording this we debited the cash as it increased the assets and at the same time it increased the liabilities so the bond payable is credited
On July 1
Interest expense $14,000
To Cash $14,000
(Being the payment of interest is recorded)
The computation is shown below:
= $400,000 × 7% × 6 months ÷ 12 months
= $14,000
For recording this we debited the expenses as it increased the expenses and at the same time it decreased the assets so the cash is credited
On Dec 31
Interest expense $14,000
To Interest payable $14,000
(Being the accrual of interest is recorded)
For recording this we debited the expenses as it increased the expenses and at the same time it increased the liabilities so the interest payable is credited
Lenny will generate $471,250 after-tax cash.
<h3>
What is an insurance policy?</h3>
- The insurance policy, which establishes the claims that the insurer is legally obligated to pay, is a contract between the insurer and the policyholder.
- The insurer guarantees to reimburse losses brought on by risks covered by the policy language in return for an upfront payment known as the premium.
<h3>What is a cash surrender value?</h3>
- If a policyholder or the owner of an annuity contract chooses to cancel their policy before it matures or an insured event occurs, the insurance company will give them the cash surrender value as compensation.
<h3>
Solution -</h3>
Money Lenny will get = $725,000.
Subtract the tax to find the money Lenny will get.
35% of 725,000 = $253,750.
Therefore, Lenny will generate $471,250 after-tax cash.
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Answer:
A. $5,460
Explanation:
Expected rate of defects = 7%
Average repair cost = $70
Total sales = 1,200 units
Actual defective units = 6
Liability for product warranties (L) at month-end should be the difference between the expected warranty costs (EW) and the actual warranty (AW) costs:
Liability for product warranties at month-end should be $5,460.
