Answer:
c) a debit to Petty Cash and a credit to Cash.
Explanation:
According to the golden rule of double of entry that a giver should be credited while a receiver is debited, the cash account is the giver in this case would be credited while the receiver,the petty cash account would be debited on the other hand.
The correct option which corroborates my explain above is option C.
Option A is wrong because the reverse was the case.
Answer:
Will increase to $460,000
Explanation:
Palmer Inc. currently produces 110,000 units at the rate of $440,000
Next year they are expected to produce 115,000 units
Since the cost is variable, the total cost can be calculated as
(440,000/110,000) × 115,000
= 4×115,000
= $460,000
Hence the total cost is $460,000
Gross monthly income:$1,125
Monthly Federal income tax (11.6%): $130.50
Monthly Social security (FICA) (6.2%): $69.75
Monthly Medicare (1.45%): $16.3125
Monthly State Tax (4%): $45
Monthly Local Tax (0.1%): $1.125
Total Monthly deductions $262.6875
Trey’s NMI $862.3125
Explanation:
Calculation for What is his monthly taxes
First step is to calculate the Gross monthly income
Using this formula
Gross monthly income=Annual salary/Numbers of months in a year
Let plug in the formula
Gross monthly income=$13,500/12 months
Gross monthly income=$1,125
Therefore the Gross monthly income is :$1,125
Monthly Federal income tax (11.6%): $130.50
($1,125*11.6%)
Monthly Social security (FICA) (6.2%): $69.75
($1,125*6.2%)
Monthly Medicare (1.45%): $16.3125
($1,125*1.45%)
Monthly State Tax (4%): $45
($1,125*4%)
Monthly Local Tax (0.1%): $1.125
($1,125*0.1%)
Total Monthly deductions $262.6875
($130.50+$69.75+$16.3125+$45+$1.125)
Trey’s NMI $862.3125
Trey’s NMI=Gross monthly income-Total Monthly deductions
Trey’s NMI=$1,125-$262.6875
Trey’s NMI=$862.3125
Therefore his monthly taxes are:
Gross monthly income:$1,125
Monthly Federal income tax (11.6%): $130.50
Monthly Social security (FICA) (6.2%): $69.75
Monthly Medicare (1.45%): $16.3125
Monthly State Tax (4%): $45
Monthly Local Tax (0.1%): $1.125
Total Monthly deductions $262.6875
Trey’s NMI $862.3125
Answer:
$855,903.20
Explanation:
Real discounting rate=> i= [i'-f]/[1+f]. Where i is the real interest rate. i' is the nominal interest rate which is given as 5% and f is the rate of inflation
i = (5%-3%)/1+3%)
i = 2/1.3
i = 1.94%
Her after tax earnings = 45,000*(1-0.15) = $38,250
Personal consumption = 25% of this, 38,250*0.75 = $28,688.
We are discounting her earnings back 45 years at 1.94%. The equation will be: 28,688 * {1-(1+0.01940)^-45} / {0.01940}
= 28,688 * {1 - 0.42120322099] / 0.01940
= 28,688 * 29.83488551597938
= 855903.1956824165
= $855,903.20
So, the amount of life insurance necessary for Jenny using the Human Life Value method is $855,903.20
I guess the correct answer is conversion rate.
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