Use the composition of federal outlays and receipts and assume that the total revenue for the year is $ 3 trillion. Social Secuirty and Medicare are 32%. Calculate how much revenue came from Social Secuirty , give the answer in billions.

Use the composition of federal outlays and receipts and assume that the total revenue for the year is $ 3 trillion. Social Secuirty and Medicare are 32%. Calculate how much revenue came from Social Secuirty , give the answer in billions.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 10RE: If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32...

See similar textbooks

Related questions

Q: Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the…

A: NET OPERATING PROFIT AFTER TAX : = $7,000,000 + ($3,000,000 X (1 - 30%)) = $9,100,000 NET…

Q: Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the…

A: Net operating profit after tax = Net income + interest expense x (1 - tax rate) = $7200000 +…

Q: Calculate the Payback Period using the following Information All figures are in OMR Initial…

A: The payback period is used in the case of capital budgeting decisions in order to decide whether to…

Q: The following expenses will be incurred by company X: next year = P5Ok, 2015 = P70k , 2016 = P100k…

A: Calculation of Present value of expenses at end of year 2009

Q: Bulldogs Inc. uses Additional Funds Needed as a plug item. If the company had forecast its…

A: Lets understand the basics. Retention ratio is a ratio which shows how much percentage income is…

Q: he following transactions relate to the General Fund of Fujairah for the year ended Dec. 31, 2020:…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: a. If the Goodsmith Charitable Foundation borrowed money this year, what would the aftertax cost of…

A: Cost of Debt: It is the cost of raising capital from debt instruments to the issuer. For debt…

Q: If accounts receivable is projected to be $800,000 at the beginning of the next operating year and…

A: The balance of sales made by an entity which is not received in cash or any or its equivalents is…

Q: The year-end pre-closing trial balance for the Chance County Woodland Park Capital Projects Fund is…

A: Capital projects fund is the fund which is used in governmental accounting in order to track the…

Q: he PBO was $100 million at the beginning of the year and $106 million at the end of the year.…

A: Defined benefit plans are schemes and plans made by company for the benefit of employees in the…

Q: Pension plan assets were $900 million at the beginning of the year and $958 million at the end of…

A: Plan assets: The assets which are used to satisfy the post retirement obligation, are held as a…

Q: The following information relates to transactions of the Consolidated Fund for the year ended 31st…

Q: For Skysong Corporation, year-end plan assets were $ 2,000,000. At the beginning of the year, plan…

A: Formula: Return on plan Assets = Ending plan Assets - Beginning plan Assets - Contributions +…

Q: In 2018, the country X received: collected taxes in the amount of 35 million, customs fees amounted…

A: In 2018, the country X received: collected taxes in the amount of 35 million, customs fees amounted…

Q: Neko Inc. uses Additional Funds Needed as a plug item. If the company had forecast its additional…

A: The additional funds needed is calculated as difference of capital budget and the forecasted…

Q: XYZ Corporation has annual cash demand of 3,000,000 for a fund set aside for operating expenses. The…

A: Optimum cash balance: It is the balance wherein the cost of depositing the fund is minimum if we…

Q: The employee credit union at State University is planning the allocation of funds for thecoming…

A: a1=automobile loansa2=furniture loansa3=other secured loansa4=signature…

Q: Garden City had the following accounts approved at the beginning of 2021. Estimated Revenues: $8…

A: Following is the answer to the given question

Q: For Windsor Corporation, year-end plan assets were $1,999,000. At the beginning of the year, plan…

A: Increase in plan assets = Ending plan assets - beginning plan assets =$1,999,000-1,773,000 =…

Q: Inc. uses Additional Funds Needed as a plug item. If the company had forecast its additional…

A: Retention ratio is calculated as ratio of retained earnings and net income. The retained earning can…

Q: Question You are provided with the following information relating to the Consolidated Fund for the…

A: International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by…

Q: Total budget expenditures = $50 million; Total non-property tax income = $6 million; Assessed value…

A: Property tax is charged by the local and state government on the property purchased and held by the…

Q: Interest and penalties of $59,580 were recorded on delinquent taxes, of which $10,750 was estimated…

A: Journal Entry The Recording of Government Activities related transaction is some what different from…

Q: From 2013 – 2016, what was the total spending in each of the four calendar years? In each of the…

A: Since you have posted a question with multiple sub-parts,we will solve first three sub parts for…

Q: Over the past year, Ionia's money supply increased by $6 billion, $4 billion in bonds were sold to…

Q: State and local governments combined raise six times as much revenue as the federal govemment.

A: Federal government is the central government that collects the tax from the individual, corporation,…

Q: Question You are provided with the following information relating to the Consolidated Fund for the…

A: The IPSASB is a Board of IFAC formed to develop and issue under its own authority International…

Q: The government of Talonia has decided to stimulate its economy by increasing is spending during the…

Q: The projected benefit obligation was $80 million at the beginning of the year and $85 million at the…

A: Particulars Amount Projected benefit obligation at the beginning of the year $80 million…

Q: For Stubby Corporation, year-end plan assets were P2, 000,000. At the beginning of the year, plan…

A: Actual return on plan assets = Ending balance of plan assets - Beginning balance of plan assets +…

Q: A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest.…

A: The correct answer is 3.

Q: a-1. Prepare a statement of activities for governmental activities in government-wide financial…

A: CITY OF WILLIAMSON STATEMENT OF ACTIVITIES For Year Ended December 31, 2021

Q: A lottery administrator has just completed the state's most recent $50 million lottery. Receipts…

A: Gross Profit shows amount that business entity has realized through direct operations. It shows the…

Q: The government charges OMR 400,000 general property taxes for the year 2019. The amount collected…

A: General Fund is the primary fund of the Government which can be used for any general purpose and not…

Q: A 1-inch-high stack of $100 bills contains about 250 bills. In 2010, the gross federal debt was…

A: a) 1 trillion = 1,000,000,000,000 19.5 trillion dollars = $19,500,000,000,000 1 inch high stack =…

Q: Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the…

A: The net operating profit after taxes has been calculated as follows: Net operating profit after…

Q: The general fund pays rent for two months. Which of the following is not correct? Choose the…

A: Definition: Funds: Funds refers to an amount of money which is set aside or saved by individuals,…

Q: Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the…

A: Formula for residual income; Residual income=Net operating income-Net operating assets×Required…

Q: The PBO was $100 million at the beginning of the year and $114 million at the end of the year. At…

A: Interest in PBO=Beginning PBO×Discount rate=$100,000,000×5%=$5,000,000

Q: The projected benefit obligation was $400 million at the beginning of the year and $429 million at…

Q: Malvern Hospital generated net patient revenues of $200 million for 20X1, and its cash collections…

A: 1) Compute cash as a percentage of patient revenues: Net Patient revenues (a) $200 million…

Q: The fund balance in the beginning of the year is $ 300,000, revenues of the year is 1,595,000 and…

A: Net income = revenue - expenditure = 1595000 - 1587000 = 8000

Q: XYZ Corporation has annual cash demand of P3,000,000 for a fund set aside for operating expenses.…

A: Optimum cash balance is the level wherein the cost of transfer and interest cost is minimum. Formula…

Q: Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All…

A: The unsigned fund balance is determined by adjusting the difference between general fund revenue and…

Q: government collects $70 billion quarterly in tax revenue. Each year it allocates $15 billion to the…

A: Total govt collection = $ 70 billion Expenditure on justice = $ 15 billion Expenditure on healthcare…

Q: Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the…

A: Residual income is the income remained after all due deductuions. We will…

Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32 are made starting on December 31, 2020, that will deplete the fund, what is the interest rate being earned if interest is compounded annually?
Understand and be able to use SI units and the standard prefixes for powers of 10 How many dollars per millisecond would the federal governmenthave to collect to retire a deficit of $100 billion in one year?
If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivable
$150,000 is deposited in a fund that pays 5% annual compound interest for 2 years, 3% annual compound interest for 2 years, and 4% annual compound interest for 2 years. If uniform annual withdrawals occur over the 6-year period, what will be the magnitude of the annual withdrawals? a. $27,689.63b. $28,614.29 c. $28,804.50 d. $29,552.62
Budget planners for a certain community have determined that $9,235,400 will be required to provide all government services next year. The total assessed property value in the community is $122,500,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 and round to the nearest hundredth)
Your company estimates it will have to replace a piece of equipment at a cost of P5,800,000 in 5 years. To do this a sinking fund is established by making equal monthly payments at the beginning of each month into an account paying 6.6% compounded monthly. How much should each payment be?
After contributing $3,415 at the end of every 6 months into an RRSP for the past 30 years, Nasir has accumulated $703,816.63. Determine the daily compounded nominal rate that was associated with the account. (a) 6.95% (b) 7.13% (c) 1.33% (d) 1.12% 2. The effective rate that is equivalent to a nominal rate of 3.25% compounded weekly is: (a) 3.30% (b) 2.31% (c) 1.02% (d) 4.24% 3. Which statement is FALSE? A sinking fund: (a) can be either an annuity due or an ordinary annuity. (b) can be set up to clear a debt. (c) always involves a maturity value. (d) shows in detail how a loan is repaid.
Pension plan assets were $900 million at the beginning of the year and $958 million at the end of the year. At the end of the year, retiree benefits paid by the trustee were $22 million and cash invested in the pension fund was $26 million. What was the percentage rate of return on plan assets?
Let's say you are going to be an Uber driver and want to estimate your annual operating after tax cash flows. Assume the following annual estimates: -trip revenue of $20,000 -depreciation expense of $1,000 -gas and maintenance of $3,000 -insurance of $900 -tax rate of 25% - 5 year project - 10% discount rate - for sake of calculation ease, all cash flows occur on the last day of the year. What is the present value of your OCF? $61,031 $49,565 $36,861 $57,240 $28,000
Project B cost $5,100 and will generate after-tax net cash inflows of $500 in year one, $1,300 in year two, $2,000 in year three, $2,500 in year four, and $1,900 in year five. What is the NPV using 12% as the discount rate?
Buckeye Healthcare Corp. is proposing to spend $186,725 on an eight-year project that has estimated net cash flows of $35,000 for each of the eight years. Present Value of an Annuity of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 1.833 1.736 1.690 1.626 1.528 3 2.673 2.487 2.402 2.283 2.106 4 3.465 3.170 3.037 2.855 2.589 5 4.212 3.791 3.605 3.353 2.991 6 4.917 4.355 4.111 3.785 3.326 7 5.582 4.868 4.564 4.160 3.605 8 6.210 5.335 4.968 4.487 3.837 9 6.802 5.759 5.328 4.772 4.031 10 7.360 6.145 5.650 5.019 4.192 a. Compute the net present value, using a rate of return of 12%. Use the table of present value of an annuity of $1 presented above. If required, round your answers to the nearest dollar. If required, use the minus sign to indicate a negative net present value. Present value of annual net cash flows $ Less amount to be invested Net present value $ b. Based on the analysis prepared in part (a), is the…
Silver Corporation is interested in making sure it has enough money to finance its assets. The company's total assets for the months of January through December are given in the following table Month Total assets ($) January $130,000 February 128,000 March 125,000 April 117,000 May 110,000 June 111,000 July 110,000 August 107,000 September 108,000 October 103,000 November 110,000 December 120,000 a. Find the average monthly seasonal and permanent funds requirement.b. What is the total cost of financing under the aggressive and conservative strategies? Assume short-term funds costs 4.5 percent and the interest rate for…