Relevant Cost Irrelevant Cost or Benefit Opportunity Cost Sunk Cost or Benefit $40,000 salary from Shelton Anticipated $48,000 salary with an accounting degree Tuition and books for years 1-3 of college Cost to relocate to Seattle Tuition and books for remaining two semesters $19,000 from your part-time job, which you plan to keep until you graduate Cost to rent an apartment in Seattle (assume you are currently living at home with your parents) Food and entertainment expenses, which are expected to be the same in Seattle as where you currently live Increased promotional opportunities that will come from having a college degree

Relevant Cost Irrelevant Cost or Benefit Opportunity Cost Sunk Cost or Benefit $40,000 salary from Shelton Anticipated $48,000 salary with an accounting degree Tuition and books for years 1-3 of college Cost to relocate to Seattle Tuition and books for remaining two semesters $19,000 from your part-time job, which you plan to keep until you graduate Cost to rent an apartment in Seattle (assume you are currently living at home with your parents) Food and entertainment expenses, which are expected to be the same in Seattle as where you currently live Increased promotional opportunities that will come from having a college degree

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15EB: An employee and employer cost-share 401(k) plan contributions, health insurance premium payments,...

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Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000
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Provide solution on each answer. Thank You. Generous Company has established a defined benefit plan indicating a plan formula for annual benefit equal to 2% multiplied by the number of years in service multiplied by the final year’s salary. The annual benefit is payable at the end of each year.An employee was hired by the entity on January 1, 2001 and expected to retire on December 31, 2045. The employee’s retirement is expected to span 21 years. The employee’s final salary at retirement is expected to be P800,000 and the appropriate discount rate is 8%. On January 1, 2021, the plan formula was amended by increasing the percentage from 2% to 3%. The amendment was made retroactive to consider past service years. The present value of an ordinary annuity of 1 at 8% for 21 periods is 10.02 and the present value of 1 at 8% for 25 periods is 0.15.1. What is the projected benefit obligation before amendment on January 1, 2021?a. 400,000 b.160,000 c. 320,000 d. 480,960 2.What is the projected…
An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization. A. What would be the employees total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260? B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employees charitable donation of 1%.
This is my assignment Guidlines: Problem Analyze the potential impact of an Employer of Last Resort program using the data in exam.dta. The program will provide a job to anyone aged 18 to 67 years old that applies, until it runs out of money. The annual budget for the program is $35 billion. The jobs will be full-time (40 hours per week), full-year, and pay $15 per hour. Assume that the likelihood that someone will apply for a job under the program is equivalent to the likelihood that they are employed. Also, assume that there will be more applicants than available positions. In your answer, be sure to include the impact on racial and gender inequality (in other words differences in incomes by race and gender) and differences in poverty rates, as well as on overall poverty and inequality. In order to complete your answer, you must complete the following steps: Identify the individuals that will take a job under the ELR program. Be sure to include your justification for who you…
The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the above data. If, other things equal, Creamy Crisp's revenue fell to $286,000: its implicit costs, including a normal profit, would exceed its explicit costs.B. it would earn a normal profit but not an economic profit.C. it would suffer an economic loss.D. its accounting profit would fall to zero.
The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the above data. Creamy Crisp's implicit costs, including a normal profit are: $136,000.B. $150,000.C. $94,000.D. $156,000.