A reason why SSI (supplemental security income) doesn't adequately protect the poorest elderly is that depleted their savings.
Social Security does not provide sufficient income for a comfortable retirement and is unlikely to do so in the future. Without legislative amendments, the Social Security Trust Fund could run out of reserves by 2035 is high and projected tax revenues cover only 80% of projected benefits.
Supplemental security income increase with age, as older people work less and are more likely to deplete their savings. Among people over the age of 80, Social Security provides most of her income to 76% of beneficiaries and nearly all of her income to 47% of beneficiaries.
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Answer:
a. $645,000
Explanation:
Computation for the net investment
Using this formula
Net investment=New assets+ shipping and delivery costs, Installation costs+Net working capital
Let plug in the formula
Net investment=$400,000+ $25,000+$70,000+$150,000
Net investment=$645,000
Therefore the Net investment is $645,000
Answer:
The average cost of production will fall by $0.05 per unit, from $30.23 to $30.18
Explanation:
The marginal cost is the cost of producing an additional unit.
The marginal cost of 15th unit is $29.5 which means it will cost $29.5 to produce the 15th unit.
If the average cost per unit for the 14 units is 30.23, then total cost of producing these 14 units will b, 30.23 * 14 = $423.22
The total cost of producing 15 units will b, 423.22 + 29.5 = $452.72
The new average cost at production of 15 units is, 452.72 / 15 = $30.18
Thus, as a result of adding the 15th unit, the average cost per unit fell by $0.05 from $30.23 to $30.18
Answer:
B. debit to Bad Debt Expense for $3,200.
Explanation:
In the given question, the total of uncollectible accounts is $4,000 and the allowance for doubtful accounts has an $800 credit balance. The remaining amount which is left i.e $3,200 ($4,000 - $800) is debited to bad debt expense
The journal entry is shown below:
Bad debt expense A/c Dr $3,200
To Allowance for Doubtful Accounts $3,200
(Being bad debt expense recorded)
Answer:
Dr Income Tax Expense 37,000
Cr Deferred Tax Liability 2325
Cr Income Tax Payable 34,675
Explanation:
Bridgeport Inc Journal entry
Dr Income Tax Expense 37,000
Cr Deferred Tax Liability 2325
Cr Income Tax Payable 34,675
Income Taxes Payable = ($138,700 x 25%)
= $34,675
Deferred Tax Liability
= ($9,300 x 25%)
= $2,325
$144,200 + $3,800 – $9,300
= $138,700