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kupik [55]
3 years ago
5

Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM’s defined benefit plan. Under the plan, for every

year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2018. Before retirement, her annual salary was $645,000, $675,000, and $705,000 for 2015, 2016, and 2017. What is the maximum benefit Alicia can receive in 2018?
Business
1 answer:
Svetach [21]3 years ago
6 0

Answer:

Lesser of 618000 and 220000 is $220,000, hence it is the maximum benefit.

Explanation:

Alicia is entitled to receive 66% (33 years × 2% per year) of her average salary for her three highest years of compensation.

The average of Alicia’s three highest years of compensation is:

=(588000+618000+648000)/3

=618000,

so she is entitled to receive =618000*66% =407880 before considering the limitation

But, In general, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of:

100% of the participant's average compensation for his or her highest 3 consecutive calendar years, or  $220,000 for 2018 .

Lesser of 618000 and 220000 is $220,000, hence it is the maximum benefit.

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John Joos is the owner and operator of Way to Go LLC, a motivational consulting business. At the end of its accounting period, D
ivolga24 [154]

Answer:

a) December 31, 2013 Owner's equity = 508,000

b) December 31, 2014 Owner's equity = 420,000

Explanation:

Accounting Equation Formula: Owner's Equity = Assets - Liabilities  

A) Way to Go LLC December 31, 2013

Owner's Equity = Assets – Liabilities

Owner's Equity = 669,000 – 161,000

Owner's Equity = 508,000

B) Way to Go LLC  December 31, 2014

Owner's Equity = Assets – Liabilities

Owner's Equity = (669,000-127,000) – (161,000-39,000)

Owner's Equity = 420,000

6 0
2 years ago
Blank is the deadline for filing both federal and state income tax returns.
Kay [80]

Answer:

April 15th

Explanation:

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3 years ago
The ramp at railways station has a rough surface. but Why
Andrei [34K]

Answer:

The ramp on a railway station has a rough surface to increase friction so that we do not slip while walking on it. If the surface is smooth, then the frictional force between the ramp and the feet becomes less and the chances of slipping are greater

8 0
3 years ago
Which of the following home purchasing considerations will probably affect older homebuyers the least ?
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4 0
3 years ago
Transactions/events: 1. Acquired $25,000 from the issue of common stock. 2. Purchased $2,500 of supplies on account from the Gad
shepuryov [24]

Answer:

I guess that you need the journal entries:

1. Acquired $25,000 from the issue of common stock.

Dr Cash 25,000

    Cr Common stock 25,000

2. Purchased $2,500 of supplies on account from the Gadget Supply Agency.

Dr Supplies 2,500

    Cr Accounts payable 2,500

3. Performed security services at local sporting events during the year for $8,000 cash.

Dr Cash 8,000

    Cr Service revenue 8,000

4. Paid salaries expense of $3,000 for the year.

Dr Salaries expense 3,000

    Cr Cash 3,000

5. Purchased land, paying $10,000 cash.

Dr Land 10,000

    Cr Cash 10,000

6. Paid utility expenses of $2,000 for the year.

Dr Utilities expense 2,000

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7. Paid a cash dividend of $1,500 to the shareholders.

Dr Dividends 1,500

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8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.

NO JOURNAL ENTRY

7 0
3 years ago
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