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4vir4ik [10]
3 years ago
9

Dan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatment

s once a month. The closest place these treatments are available to Dan is in Phoenix, 200 miles away. The treatments are provided on an outpatient basis but require him to stay overnight in Phoenix. During the year, Dan makes 12 trips to Phoenix by automobile to receive the treatments. The motel he always stays in charges $85 per night. For the year, Dan also spends a total of $250 for meals on these trips. $100 of this $250 is spent while en route to Phoenix. What is the amount of Dan’s qualified medical expenses for 2012?
Business
1 answer:
tester [92]3 years ago
3 0

Answer:

$1,778

Explanation:

Mileage (12 trips x 400 miles x 0.235 per mile) $1,128

Lodging (12 trips x 50 per night max) $600

Meals ($100x0.50) $50

Dan’s qualified medical total expense for the year$1,778

$1,128+$600+$50= $1,778

Therefore the amount of Dan’s qualified medical expenses for 2012 is $1,778

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<h3>What is catastrophic cap benefit?</h3>

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Therefore, The factor that protects Tricare beneficiaries from devastating financial loss due to serious illness or long-term treatment by establishing limits over which payment is not required is known to be called catastrophic cap benefit.

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1 year ago
Aims of Accelerated Growth Initiative for South Africa
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2 years ago
Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answ
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Answer:

SIMON COMPANY'S YEAR END BALANCE SHEET

AT DECEMBER 31                Current    1 yr ago    2 yrs ago

cash                   6.1%  8.1% 9.90%

Accounts receivables  16.6% 14.1% 13.2%

inventory           21.5% 18.9% 14.6%

prepaid expense   1.8%         2.1%  1.1%

plant asset           54.0% 56.8% 61.2%

Total Asset         100.0% 100.0% 100.0%

     

Liabilities and Equity      

Accounts payable   24.4% 17.1% 13.2%

Notes payable   18.6% 23.0% 22.5%

common stock   28.5% 33.1% 40.5%

Retained earnings   28.5% 26.9% 23.8%

total                    100.0% 100.0% 100.0%

2) The change in % of accounts receivables is unfavorable because this means that our Debtors are not paying instead are continuing to buy on credit and that our collection methods are weak and ineffective.

3) The % change in inventory is unfavorable because it means we are selling less stock as years goes by and that we are buying more than we are selling.

Explanation:

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Post Co as a lessee records a finance lease of machinery on 1/1/19. The 7 annual lease payments of $210,000 are paid at the end
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Answer:

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1/1/19                                                                                    $1,022,400

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12/31/20      $914,640      $210,000.00      $91,464            $796,104

b. Journal Entries:

January 1, 2019:

Debit Right of Use Asset $1,022,400

Credit Lease Liability $1,022,400

To record the right of use asset and the lease liability.

December 31, 2019:

Debit Interest on Lease $102,240

Credit Lease Liability $102,240

To record the interest expense for the year.

Debit Lease Liability $210,000

Credit Cash $210,000

To record the payment of lease liability and interest.

December 31, 2020:

Debit Interest on Lease $91,464

Credit Lease Liability $91,464

To record the interest expense for the year.

Debit Lease Liability $210,000

Credit Cash $210,000

To record the payment of lease liability and interest.

Explanation:

a) Data and Calculations:

Annual lease payments = $210,000

Present value of the lease payments = $1,022,400

Interest rate = 10%

Lease period = 7 years

December 31, 2019:

Interest on lease = $102,240 ($1,022,400 * 10%)

Lease liability = $914,640 ($1,022,400 + $102,240 - $210,000)

December 31, 2020:

Interest on lease = $91,464 ($914,640 * 10%)

Lease liability = $796,104 ($914,640 + $91,464 - $210,000)

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