JOU, ne will be unable to borrow the money needed for f financial officer (CFO) of a small manufacturing t yet told her employer that she will be leaving in a affected if her boss learns of her plans to leave. Sh She kn ows her behoie ic less then honeroble
Q: Camila Juárez owns a successful law firm, her core business is corporate law, bu occasionally Camila…
A: The question is based on the concept of calculating modified Internal rate of return (MIRR) for an…
Q: OVID-19 has impacted them very much as Henrycannot run his business because of the restrictions and…
A: Introduction : . Opportunity costs refers to the cost of loosing profits by choosing the best…
Q: Which of the following will result in the recognition of gross income? a.Havana is a lawyer. The…
A: recognition of gross income. a.Havana is a lawyer. The law firm she works for pays for her…
Q: Maria earns $18 per hour in her current job and works 33 hours a week. Her disutility of effort is…
A: Payroll- Payroll is a process which includes calculating an employee's working hours, calculating…
Q: Shanice works in finance for a small manufacturing company and is working on next year’s budget. She…
A: Introduction: Financial planning is one of the most critical responsibilities. All procedures…
Q: MeiMei is a professional accountant employed by The American Company Bhd since Mei really needs this…
A: The ethical dilemma means facing a situation where a person has to select between moral values and…
Q: Hanna operate a cell phone factory and recently the technology used is obsolete leading to closure…
A: Assessable income or taxable income is that income which is going to be taxed as this income is…
Q: Adam operates a smal shop specializing in party favors. He owns the build- ing and supplies all of…
A: A company's net income, which is revenue less expenses, is referred to as accounting profit.…
Q: Carol moves house in order to reduce commuting time to her workplace. She moves out of her own…
A: Economic profit is the profit that is arrived after reducing the expenses, which include the…
Q: Joan owns a printshop and has a difficult time fighting out what to bid on jobs. She knows how to…
A: Job order costing is a process related to aggregating and assigning cost of manufacturing of an…
Q: her, she decided to start a business which specialises in selling handbags. Ms. Rennet must pay VAT…
A: The amount of VAT paid by the user is dependent on the cost of the product, less any costs of…
Q: ohn got a new job through Island Recruiting Company.The job pays $55K per year, and the agency fee…
A: Salary or Job payout is the compensation paid by the employer to employee for the work completed. It…
Q: You are a CPA and do tax returns for individuals. A woman enters your office and asks you to…
A: Expected refund=$5000 Debt fine if the debt is not paid in next month=$1000 Actual Refund claimed by…
Q: Shanice works in finance for a small manufacturing company and is working on next year’s budget. She…
A: Every Business has to Make Plans Long term and Short term and the ways to Achieve those plans. The…
Q: Michael just graduated with a degree in Accounting from State University. He worked hard in school…
A: Integrity is derived from the base word “integers”. Integers are the whole numbers that are…
Q: Mr. Ahmed has been working in a small company for many years and earns a living. Due to the increase…
A: Partnership refers to a formal agreement between two or more parties for managing and operating a…
Q: Joan owns a print shop and has a difficult time fighting out what to bid on jobs. She knows how to…
A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…
Q: Three friends go to a restaurant. David, a self-employed entrepreneur, says, “I’ll pay and deduct it…
A: Bill payment: It is amount paid to the vendor or seller for the services or goods received.
Q: During the year 2021, Johnny is having a hard time fin decided to set up a small business in order…
A: The answer is stated below:
Q: 2. Roberta has the following information to evaluate: her current salary of $75,000 versus total…
A: Revenue = $ 130,000 Expenses = $ 80,000
Q: Morgan lives alone and needs to move to start a new job. She drives 400 kilometres closer to her new…
A: Answer:- Moving expenses meaning:- The reasonable costs of moving home goods and personal…
Q: Mr. Ali started business with a small amount of capital and he is responsible for all his losses and…
A: Sole proprietor: It is an individual who owns and manages the business on his own. He is the sole…
Q: Nadia is Future Years Financial Planners' most productive employee. She is not satisfied with how…
A: Trade secrets are the processes and practices that are the secrets of a business and provide the…
Q: Max, the president of Maxwell, Inc. decides to take a personal pay cut instead of laying off 10,000…
A: Ethics have an important place in the organisation and for all the managers and employees in the…
Q: Many small businesses have to squeeze down costs any way they can just to survive. One way many…
A: Case Summary: Many companies hire independent contractors in place of hiring regular employees to…
Q: Suppose you form a legal partnership with your best friend, and she purchases consulting services…
A: Partnership Firm: In partnership firm two or more person come together to do business and earn…
Q: Tammy comes home from her day job and usually spends a couple of hours every evening “managing” her…
A: Step 1 Trading is not a commercial operation, according to the Internal Revenue Service (IRS).In…
Q: Manpreet is an accountant for DY public accountant in Melbourne, she has 4 years old daughter that…
A: Manpreet can claim the expenses incurred on children as a deduction.
Q: A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization…
A: Lets understand the basics. Opportunity cost is a potential loss due to acceptance of any other…
Q: Lennart is currently working as a kitchen hand. Which of the following expenses incurred by Rebel…
A: Any expense to be tax-deductible, it shall be work-related. Tax deductions vary from individual to…
Q: Auchiel and Ben are working in patnership as accountants. Kuria gives auchiel ksh. 100,000 for…
A: Partnership: A partnership is a for-benefit business association included at least two people. State…
Q: Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is…
A: Thanks for the Question: Bartleby's Guideline: “Since you have posted a question with multiple…
Q: Janey, a college student, is on her own financially. She is much too busy with school to hold down…
A: Other Income (Federal Tax) It is must specific in the federal tax to include the other income as…
Q: , she returns home for dinner. Relevant mileage is as follows? Home to first job 10 miles…
A: The milage from first job to second job qualifies that is 15 miles And the round trip of University…
Q: Betty is a manager at a Big 4 accounting firm. She earns $120,000 per year. How much is her low…
A: Rebates are the reduction in the taxable income of the income earners which is refunded if the…
Q: Many small businesses have to squeeze down costs any way they can just to survive. One way many…
A:
Q: mona and Katie both wo
A: Cafeteria Plan: It is the system that allows staff to chose from a variety of pretax benefit which…
Q: Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only…
A: In case of a company, the risk for fraud means the chance of committing willful attempt to defraud…
Q: Tina, an entrepreneurial business student, wants to set up a business completing tax forms for…
A:
Q: Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is…
A: An annuity's present value is the current worth of all future income that will be earned by that…
Q: e works in finance for a small manufacturing company and is working on next year’s budget. She has…
A: Company has to make the financial planning for need of funds for the short term and also long term…
Q: Ali is considering the decision of whether or not to go and study a Master degree. He is currently…
A: Differential cost refers to cost difference between two alternatives Differential revenue refers to…
Q: John Covington, a college student, wants to start a small-scale painting business during his…
A: Mutually exclusive projects are those projects out of which only one can be selected and other has…
Q: This year she made over $65,000 and would like to not realize some of those earnings, maybe in a…
A: Option B and C looks a viable option as she already has a retirement plan and investing the amount…
Q: Judy is a 16-years old who just got her first job. She wants a credit card or debit card to spend…
A: The banks provide cards to use funds available to your account, or to borrow money from bank and…
Q: Hamza is a student of UTAS -Nizwa in the foundation program. He is actively searching for a job but…
A: As per the definition of OECD (Organisation for economic co-operation and development), a person is…
Q: Larry Kraft owns a restaurant that is open 7 days a week. He has 25 fulltimeemployees, but he has…
A: Employee Turnover- It is meant by an assessment of the number of employees who depart from the…
Q: Mr. Said started a new company in which he is providing cleaning services. He is looking to get…
A: There are various issues which are faced by organization at the time of starting of the new…
Step by step
Solved in 2 steps
- Sophie Lopez is a 72-year-old widow who has recently been diagnosed with Alzheimer’s disease. She has limited financial assets of her own and has been living with her daughter Felicity for two years. Her income is $850a month in Social Security survivor’s benefits. Felicity wants to make surethat her mother will be taken care of if Felicity should die prematurely. Felicity, 40, is single and earns $55,000 a year as a human resources manager for a small manufacturing firm. She owns a condo with a current market value of $100,000 and has a $70,000 mortgage. Other debtsinclude a $5,000 auto loan and $500 in various credit card balances. Her 401(k) plan has a current balance of $24,500, and she keeps $7,500 in a money market account for emergencies. After talking with her mother’s doctor, Felicity believes that her mother will be able to continue living independently for another two to three years. She estimates that her mother would need about $2,000 a month to cover her living…Margaret, age 65, and John, age 62, are married with a 23 -year-old daughter who lives in their home. They provide over half of their daughter's support, and their daughter earned $4,100 this year from a part-time job. Their daughter is not a full-time student. The daughter can/cannot be claimed as a dependent because: She cannot be claimed because she is over 19 and not a full-time student. She can be claimed because she is a qualifying child. She can be claimed because she is a qualifying relative. She cannot be claimed because she fails the gross income test.After graduating from college, Shelley Williams held several different jobs but found that she did not enjoy working for other people. Finally, she and Yvonne Hargrove, her college roommate, decided to start a business of their own. They rented a small building and opened a florist shop selling cut flowers such as roses and chrysanthemums that they bought from a local greenhouse. Williams and Hargrove agreed orally to share profits and losses equally, although they also decided to take no money from the operation for at least four months. No other arrangements were made, but the business did reasonably well, and after the first four months had passed, each began to draw out $500 in cash every week. At year-end, they took their financial records to a local accountant so that they could get their income tax returns completed. He informed them that they had been operating as a partnership and that they should draw up formal articles of partnership agreement or consider incorporation or…
- Daniel is a father of four and work as a pilot with an airline industry. He was told that he is going to lose his job due to the COVID-19 pandemic. He is so worried and do not know whether to apply for a job somewhere else. He was trained as a pilot and has no proper academic qualification in other filed. His wife is not working and Daniel needs income to pay his monthly commitment and raise his family. He is now struggling to find other job and do not know what to do. Propose solution to the above mentioned problem and write a report based on the followings. 1.Identify the issue (s)/problem(s) of the case. 2.Apply the FOUR stages in problem solving discussed in Topic 4 for the above case. 3.Propose your solution based on the model and theory you have learned.Larry is married and has five children. He is worried about the stability of his current employment and does not have a lot of savings. Larry sought out financial advice and he was told to purchase a life insurance policy that provided him with total control over the lifetime benefits, just in case he becomes unemployed. Since his estate is significantly under the estate tax exclusion amount, Larry is not concerned about the policy being included in his gross estate. He plans to name his spouse as the beneficiary to ensure that she, and his children, will be adequately provided for in the event of his death. Which one of the following techniques satisfies Larry's planning objectives? A) Larry should have a life insurance policy that is owned by an irrevocable trust. B) Larry should have a life insurance policy that is owned by a revocable trust. C) Larry should purchase a life insurance policy that names his wife as the insured. D) Larry should purchase a life…Morgan is single and 46 years old. Morgan has two children. Leah, age 18, has a job and earned wages of $4,900. Dale, age 25 is totally and permanently disabled and received Social Security benefits of $4,500. Both children lived with her all year. • Morgan paid all the cost of keeping up the home and more than half the support for her children. Morgan received disability pension benefits, but she has not reached the minimum retirement age of her employer’s plan. She does not have enough expenses to itemize for the 2022 tax year. • Morgan, Leah, and Dale are U.S. citizens and have valid Social Security numbers. They all lived in the United States for the entire year. If she has any balance due or refund, she would like to use Adelphia Bank and Trust. Morgan provided a voided check Morgan cannot claim Dale as a dependent because he is over age 18. (T/F) Morgan anticipates a balance due for next year. What actions should she take to…
- • Morgan is single and 46 years old. • Morgan has two children. Leah, age 18, has a job and earned wages of $4,900. Dale, age 25 is totally and permanently disabled and received Social Security benefits of $4,500. Both children lived with her all year. • Morgan paid all the cost of keeping up the home and more than half the support for her children. • Morgan received disability pension benefits, but she has not reached the minimum retirement age of her employer’s plan. • She does not have enough expenses to itemize for the 2022 tax year. • Morgan, Leah, and Dale are U.S. citizens and have valid Social Security numbers. They all lived in the United States for the entire year. • If she has any balance due or refund, she would like to use Adelphia Bank and Trust. Morgan provided a voided check. 20. Morgan's disability pension is reported as earned income on her tax return. (T/F) 21. What is the most advantageous filing status Morgan…Your clients, Adam and Amy Accrual, have a 21-year-old daughter named April. April is single and is a full-time student studying for her bachelor’s degree in accounting at California Poly Academy (CPA) in Pismo Beach, California, where she lives with her roommates year-round. Last year, April worked at a local bar and restaurant four nights a week and made $18,000, which she used for tuition, fees, books, and living expenses. Her parents help April by sending her $300 each month to help with her expenses at college. This is all of the support given to April by her parents. When preparing Adam and Amy’s tax return, you note that they claim April as a dependent for tax purposes. Adam is insistent that they can claim April because of the $300 per month support and the fact that they “have claimed her since she was born.” He will not let you take April off his return as a dependent. Would you sign the Paid Preparer’s declaration (see example above) on this return? Why or why not?Joetta Hernandez is a single parent with two children and earns $67,500 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $90,000 saved in a 401(k) plan, $7,500 in mutualfunds, and a $4,500 certificate of deposit. She wants to purchase term life insurance for 15 years until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 6 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? Assuming she can receive a 6% after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is $_____
- Suhana is the trustee of gina's bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre. The business itself is successful. The petitioner's debt is not business related. Gina is a qualified engineer and if she were to give up the shop she could earn $ 130,000 p.a as an employee . Gina is single and has no dependents. Gina owns an apartment which is worth $ 5,00,000 secured to town bank. The outstanding mortgage is $ 3,30,000. The petitioner's debt is $ 80,000. Additional unsecured debts for the business are approximately $ 30,000. Gina has a personal credit card debt of $ 10,000. Gina leases a car. She owns furniture, clothes, jewelry, a musical instrument and other personal assets. Gina also has $ 2,00,000 in a supwr annuation fund. Unfair preferences were paid to six creditors prior to the presentation of the creditors petition which totalled $ 43,00. Required: assume you are suhana in a roughly chronological order . What…Sahana is the trustee of Gina’s bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre. The business itself is successful. The petitioner’s debt is not business-related. Gina is a qualified engineer and if she were to give up the shop, she could earn at least $130000 p.a. as an employee. Gina is single and has no dependents. Gina owns an apartment worth $500000 which is secured to TownBank. The outstanding mortgage is $330000. The petitioner’s debt is 80000. Additional unsecured debts for the business are approximately $30000. Gina has a personal credit card debt of $10000. Gina leases a car. She owns furniture, clothes, jewellery, a musical instrument and other personal effects. Gina also has $200000 in a superannuation fund. Unfair preferences were paid to 6 creditors prior to the presentation of the Creditor’s petition which totalled $4300. Required: assume you are Suhana. In a roughly chronological order, explain what actions…Your client is Lisa, aged 63. Lisa’s husband looked after all of the couple’s finances and Lisa is now struggling to know how best to manage the finances since her husband died earlier this year. Lisa has 3 children aged 23, 17 and 15. Her husband has left a superannuation balance amounting to $600 000 consisting of a $150 000 tax-free component. Lisa is a relatively low risk investor and thinks that the security of a regular income stream sounds very appealing. 1. What advice can you provide Lisa with respect to longevity risk? Given her circumstances how is she likely to be affected by longevity risk? Given life tables, for how many years on average is Lisa likely to require an income stream? 2. What are the implications if part of the husband’s death benefit superannuation is distributed to their children? 3. Lisa is concerned that she does not have the skills to manage the investment decisions associated with the $600,000 superannuation death benefit. Does this effectively rule out…