$250
COVERAGE LIMIT-DEDUCTIBLE = $4000-$1500 = 2500
$2500/10 = $250
The Employee Retirement Income Security Act of 1974 (ERISA) ensures that employees would be able to receive at least some pension benefits at the time of termination. ERISA is a federal law which establishes minimum standards for retirement (pension plans), health, and other welfare benefit plans, including life insurance.
Answer:
Sales = 12,50,000
Explanation:
Detailed steps are given below
Answer:
Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate
Explanation:
Normal costing refers to the actual cost of direct materials, direct labor, and manufacturing overhead applied. This cost is calculated by using a predetermined annual overhead rate.
Direct costs are expenses involved in producing goods or providing services and indirect costs are general expenses that are involved in operating.
The statement about normal costing which is not true is ''Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate''
Answer:
Retained Earnings increased $28,650 in 2016.
Explanation:
The total increase in Retained Earnings account = Net income = $80,000;
The total decrease in Retained Earnings account = Dividend paid to common shares + Dividend paid to preferred shares = Dividend per common share x Number of common share outstanding + % dividend on preferred stock x par value of preferred stock x number of preferred stock outstanding = 0.75 x 65,000 + 2% x (130,000 / 13,000) x 13,000 = $51,350;
So, Net effect on Retained Earnings Account = $80,000 - $51,350 = $28,650 ( increase).
