Chapter 11 Review and Application Questions

Solve this accounting question problem

Subject: accounting

Accounting Q1: Randall receives a $4,200 monthly payment from a registered annuity. He calculates that 65.2% of the payment is a return of capital and the rest is interest. What portion of the payments would be taxable? Q2: Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84,000 this year. How much can he contribute to his RRSP this year, and what is his taxable income this year ?

Accounting Question 4. Today is Mr. Wang's 30th birthday. He plans to retire on his 65th birthday. Assuming that Mr. Wang will deposit $20000 into the investment account at the beginning of each month from today, the account will earn an actual return of 4.9070208% every year in the first 15 years and 4.8% every year and interest every month in the next 20 years. The first contribution is paid today and the last contribution is paid one month before the day of retirement on your 65th birthday. a) Try to find an account balance on your 65th birthday b) Try to calculate total interest earned c) Try to calculate the total single interest d) Try to calculate compound interest

question 26  Sean is paid a semi-monthly salary in the amount of $3750. His employer also pays his life insurance premium of $20/month. His income tax withholding on the current pay is $690. Sean also contributes $5 per pay to his Canada Savings Bonds. Sean has contributed $1500 to CPP for the year and $600 to EI. What is the EI expense?

Subject: accounting

Case A - You have decided to start planning for your retirement. You already have $11,000 in your investment account. You plan to put an additional $4,000 into the account at the BEGINNING of each year for the next 10 years and then put $6,000 into the account at the BEGINNING of each of the following 30 years. Your account is expected to grow at 6.5% interest (tax free) annually. Prepare a schedule to show (1.) the year (1 through 40), (2.) the beginning balance each year, (3.) the amount of interest earned each year, (4.) the deposit each year, and (5.) the ending balance each year. Format each of the dollar amounts with two decimals. Please include totals at the bottom of your spreadsheet for (1) the amount of interest and (2) the amount of deposits during the entire 40 year (10 + 30) year time. Case B - You estimate that you will have $43,000 of school loans by the time you graduate. Your school loan is to be paid off over 10 years but you plan to pay it off over a 4 year period…

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Accounting Marvin plans to retire at the end of this year (2022). His expected life expectancy is 25 years after retirement. Marvin has come to you, his financial advisor to learn how much he should deposit on December 31, 2022 to be able to withdraw $4,000 at the end of each month for the next 25 years. Assuming the amount on deposit will earn annual interest of 2% compounded monthly, how much should Marvin deposit on December 31, 2022 in order to achieve his retirement plan? a. $865,405.73 b. $1,555,284.50 c. $943,720.43 d. $790,696.14

What does Shelley need to save monthly to make sure she is on track to reach her retirement goal of having $440,000 saved by the time she reaches age 65? She is 48 years old, has been contributing $400 per month and has $180, 000 in her RRSP. Assume she will make an annual return of seven percent. Select one: a. $1275                    b. $336                    c. $681                   d. $1133

Jim Hunter has decided to retire to Florida in 10 years. What amount should Jim invest today so that he'll be able to withdraw $25,000 at the end of each year for 30 years after he retires? Assume he can invest money at 9% interest compounded annually.      A. $18,790.27 B. $105,470.27 C. $10,480.27 D. $108,490.27

Need answer the accounting question not use ai

Sara wants to have $530,000 in her savings account when she retires. How much must she put in the account now, if the account pays a fixed interest rate of 9%, to ensure that she has $530,000 in 18 years time? OA. $112,357 OB. $202,243 OC. $119,492 O D. $157,300

Question On January 1, 2021, P bought her first home (her principal residence) for $700,000 by paying $300,000 down. She borrowed the remaining $400,000 by taking out a 15-year mortgage loan at her bank. This main loan had a 3% Interest rate. During 2021, P paid interest of $12,000 and no principal payments on this main loan. On July 1, 2021, when the home was worth $750,000, P took out a home-equity loan of $50,000 with an interest rate of 4 percent, using the $50,000 to buy a personal car and to pay off credit card debt. During 2021, she made interest payments on the $50,000 home-equity loan in the amount of $1,000 (and no principal payments on the home-equity loan). Both loans were recorded with the home as security. What amount of the $13,000 interest expense paid can P deduct as a 2021 itemized deduction? a. $12,000 b. $1,000 C. $O d. $13,000

Assume that A contributes $2 000 every end of the year into a retirement account paying 8%. If A retires in 30 years, how much will she have?                   Select one: a. $226 566 b. $216 566 c. $206 566 d. $236 566

Mena has year-to-date (YTD) earnings of $125,200. If her next paycheck put her above the wage base limit of $128,400, what will be the amount of the social security deduction at 6.2 %? a. $788.76 b. $128.20 c. $198.40 d. $204.60

Question 13. Dr Kapoor has contributed $10,000 yearly into an RRSP from age 25 to 50 (25 deposits). At age 50, he makes no further contributions. At age 65, he purchases an annuity to pay himself a monthly pension for the next 30 years, first payment due in one month. Find the amount of the pension if from age 25 - 65 interest rates were 7% c.a. and his pension earns 4% c.m. All work must be shown to earn full marks. Paragraph BIU

Part B Troy begins saving for his retirement at age 30. He deposits an annual sum of $25,000 each year until the age of 60. The money earns a rate of interest of 5.25%. Required: Calculate the value of his investment at age 60.

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6- A father wants to save money to pay for his son’s college education. He is depositing equal amounts of money every year at the end of each year in an account to have $120000.00 after 18 years. If the interest rate on the account is 5% compounded continuously, how much should he deposit each year? a)  $3554.62 b)  $3700.60 c)  $4215.21 d)  $3512.71

Problem 11-64 (LO 11-5) Terrance is age 72 and retired. Beginning in 2022, he must start taking minimum distributions from his IRA account that had a balance of $170,000 as of December 31, 2021. Make these three assumptions: his IRA will earn 10% per year based on the annual beginning balance, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2022. Required: Calculate the amount of his distribution for years 2022 through 2026 and the ending balance in his IRA account on December 31, 2026. Use Table I, Table III, and Table V. Note: Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations. Year 2022 2023 2024 2025 2026 (1) IRA Balance At End of Prior Year $ 170,000 (2) Applicable Life Expectancy (3) Required Distribution (4) IRA Earnings (5) Ending Balance

Accounting 1:Kaitlyn wants to set up a fund for his son's education such that he could withdraw $2,050.00 at the beginning of every 3 months for the next 2 years. If the fund can earn 2.20% compounded semi-annually, what amount could he deposit today to provide the payment?

Mike estimates that college tuition at State University will be $25,000 per year in five years. If Mike can earn six percent compounded semi-annually, how much must he deposit today in order, to fund his son's first year tuition in five years? Select one: A. $18,603 B. $18,683 C. $20,428 D. $20,508   Only typing answer Please answer explaining in detail step by step without table and graph thankyou

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QUESTION11 Bertha and Martha are twins, college graduates, and employed. They plan to retire in 40 years. To that end, each has a 401-k tax-advantaged retirement account. Martha contributes $600 per month only for the first seven years. Bertha does not invest during the first 20 years but invests $1,200 per month during the last 20 years. * How much would Martha's account hold at retirement if she earned an annual rate of 10%? $1,347,918.85 $1,940,849.39 $999,789.12 $879,678.14