The amount that will be taken off the pay check for the 401k retirements plan given all the criteria indicated above is $38.82 (Option D)
<h3>What is the computation justifying the above?</h3>
Given:
Pay Per Hour: $10.25
Bonus: $15.375 for every hour worked over forty hours.
Total Hour worked: 47 Hours
Percentage deductible: 7.5%
Total Pay thus =
(40 *10.25) + (7 *15.375)
= $517.625
Total 401 K deduction thus, =
7.5% * 517.625
401K Deduction total = $38.82
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Full Question:
You make $10.25 per hour. You have 71/2% of your total pay taken out of your check for your 401K retirement plan. How much will be taken out for your 401K if you work 47 hours this week? You get paid time-and-a-half for all hours over 40.
Select one:
A. $36.13
B. $69.02
C. $54.20
D. $38.82
E. $14.35
A petty cash fund is used for small payments in order to avoid the time and cost of writing checks for small amounts.
<h3>What is petty cash?</h3>
A petty cash fund is a small amount of cash, used to pay for minor expenses, such as office supplies or employee reimbursements.
It is the pet a actual ledger book, rather than a computer record.
Hence, a petty cash fund is used for small payments in order to avoid the time and cost of writing checks for small amounts.
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The question is incomplete. The complete question is as follows,
At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:
Accounts Payable 2500
Land 30000
Building 31250
Notes Payable ?
Retained earnings 125000
Accounts Receivable 18750
Cash ?
Equipment 40000
Capital Stock 12500
If the Notes Payable is $10,000, the December 31, 2011 cash balance is:
Answer:
Cash = $30000
Explanation:
The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,
Total Assets = Total Liabilities + Total Equity
So,
(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)
120000 + Cash = 12500 + 137500
Cash = 150000 - 120000
Cash = $30000
Answer:
Total value of the investment= $57,320.73
Explanation:
<u>First, we need to calculate the future value of the first part of the investment. We will calculate the future value for the monthly deposit for five years and then the lump sum for another five years.</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
i= 0.04/12= 0.003333
n= 5*12= 60 months
FV= {322*[(1.003333^60) - 1]} / 0.003333
FV= $21,348.05
<u>For the lump sum:</u>
FV= PV*(1+i)^n
n= 12*5= 60
i= 0.05/12= 0.004167
FV= 21,348.05*(1.004167^60)
FV= $27,397.75
<u>Now, the future value of the second part of the investment:</u>
<u></u>
n= 60
i= 0.0041667
A= 440
FV= {440*[(1.004167^60) - 1]} / 0.004167
FV= $29,922.98
Total value of the investment= 27,397.75 + 29,922.98
Total value of the investment= $57,320.73
Answer:
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