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Assessment >> Formal Assessment
Assessment:
Registered Financial and Retirement Advisor Course Part I Unit 3 PostAssessment
(C240V14U3L0A25Q10)
Date Submitted:
02/09/2016 12:00:00 AM
Total Correct Answers:
10
Total Incorrect Answers:
0
Your Mark (total correct percentage):
100%
1
Romeo does not know the amount that his employer will contribute to his pension plan each year.
He does know that his pension will be based on 2% of his earnings for each year of employment,
based on the average of his best five years of income. From the following types of pension plans,
to which one does Romeo belong?
Correct
The correct answer:
bestearnings plan
Your answer:
bestearnings plan
Solution:
A bestearnings pension plan is a definedbenefit plan based on the unit percentage applied to the average of
the best years of pensionable service.
2
Dietrich is a member of a careeraverage, definedbenefit pension plan with a 2% unit. He joined
the plan five years before retiring. At the time he joined the plan, his salary was $55,000 and his
income will increase by $2,000 at the beginning of each year. What will be Dietrich's annual
pension upon retirement?
Correct
The correct answer:
$5,900
Your answer:
$5,900
Solution:
When Dietrich retires, he will have benefited from four pay increases since he joined the plan. He will receive an
annual pension of $5,900, calculated as (((the average of his earnings for the years he was in the plan) x %
unit) x years of service) or (((($55,000 + $57,000 + $59,000 + $61,000 + $63,000) ÷ 5) × 2%) × 5).
3
Don has participated in a 1.5% per year of service, careeraverage, definedbenefit pension plan for
the last four years. During those four years, his annual salary each year was $25,000, $25,000,
$30,000 and $30,000. What annual pension entitlement has Don earned to date?
Correct
The correct answer:
$1,650.00
Your answer:
$1,650.00
Solution:
Don's accrued pension entitlement is $1,650.00, calculated as (((the average of his earnings for the years he
was in the plan) x % unit) x years of service) or (((($25,000 + $25,000 + $30,000 + $30,000) ÷ 4) x 1.5%) x
4).
4
Wendel is a member of a definedbenefit pension plan. When he joined the company and the
pension plan 15 years ago, his starting salary was low. After five years, he received a promotion
that doubled his salary. He enjoyed regular salary increases over the next five years until he
suffered ill health that forced him to leave his position. The company provided him with a low
stress clerical position at a reduced salary where he expects to remain until his retirement in two
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years time. Which of the following types of pension plans is best for Wendel?
Correct
The correct answer:
Best earnings
Your answer:
Best earnings
Solution:
A bestearnings pension plan is the most favourable form of pension plan for Wendel because benefit
calculations would be based on his best three or five years of pensionable service.
A flatbenefit plan is not the best form of pension plan for Wendel because such plans pay a flat rate benefit
regardless of earnings and the full benefit is usually available to those with a minimum length of service, such as
25 years. Nor is a careeraverage pension plan suitable for Wendel because the benefit calculations would
include the low starting salary, which would reduce his average earnings. A finalearnings plan would result in a
pension based on the lower earnings at the end of his career and would not include the higher earnings at the
middle of his career.
5
Samantha has belonged to a final earnings over three years, 2% unit, definedbenefit pension plan
for the past 12 years. In her 10th, 11th and 12th year, she earned $45,000, $50,000 and $55,000,
respectively. Samantha plans to retire after another 8 years. What pension entitlement has
Samantha earned to date?
Correct
The correct answer:
$12,000
Your answer:
$12,000
Solution:
For the purpose of calculating her pension entitlement, Samantha's earnings in her final three years are
averaged to $50,000, calculated as (($45,000 + $50,000 + $55,000) ÷ 3). Her accrued pension entitlement is
$12,000, calculated as (12 × (2% × $50,000)).
6
Klare is the owner/operator of a successful metal shop. Klare is 32 years old, and draws a regular
annual salary of $185,000. What response represents the MOST SIGNIFICANT deterrent to Klare
establishing an individual pension plan for himself?
Correct
The correct answer:
He is only 32 years old.
Your answer:
He is only 32 years old.
Solution:
Individuals who are under 4045 years of age generally will not receive maximum tax deferral benefits through
an IPP.
7
One of your clients, Jill, died recently at the age of 59. Her adult son, Robert, has asked you to
explain the entitlements of Jill's estate to Jill's company pension plan. Jill was a widow and a
vested member of the plan that has an NRA of 60. Jill's estate will receive:
Correct
The correct answer:
at least Jill's contributions plus interest.
Your answer:
at least Jill's contributions plus interest.
Solution:
If death occurs within ten years of normal retirement age (NRA), the deceased is deemed to have been eligible
for a reduced early retirement pension, payable on a joint and last survivor basis. If there is no surviving
spouse, the death benefit to a designated beneficiary or estate must at least equal the employee's contribution
plus interest.
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Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
the buying and selling of paintings that are sold to public to provide income for the club. For the
financial year ending December 31, 2020 the clerical officer of the club provided the following
information in relation to the club's activities:
Payments
Electricity
Purchase of television
Purchase of paintings
Refreshments, etc.
Stipend for clerk
Stationery
2$
120,000 subscription
60,000 Sale of paintings
320,000 Refreshment, etc. sale
Receipts
300,000
800,000
600,000
280,000
Donations
250,000
200,000
96,000 Other activities
50,000
I.
Additional Information:
()
On January 1, 2020 the club had paintings valued at $350,000., while subscription in
arrears at that date was $15,000
On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid
for stationery that was to be…
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C. renewal notice
O D. completion notes
18. A warning on duty to disclose changes affecting the existing policy inspection
are sent to insured through
proposal form
O B. certificate of insurance
O C. renewal notice
O D. completing notes
19.
is the document that acknowledge the insured legally entitled to
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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18. Using the following information, complete the income statement, statement of retained earnings, and balance sheet for RN Painting for the month of March 2018. The business
began operations on March 1, 2018.
E (Click the icon to view the account balances.)
Pearson eText
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Accounts Receivable
1700||Accounts Payable
Dynamic Study
Modules
Office Supplies
Stockholders' Equity
Retained Earnings
Syllabus
Service Revenue
Total Expenses…
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
Courses
Modules
Purchase
Wages
Carriage outwards
Carriage inwards
Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
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Chapter 3
Question 2 of 5
The ledger of Blossom, Inc. on March 31, 2022, includes the following selected accounts before adju
Debit
Credit
Prepaid Insurance
$2,000
Supplies
2,000
Equipment
29,000
Unearned Service Revenue
$8,500
An analysis of the accounts shows the following.
1.
Insurance expires at the rate of $400 per month.
2.
Supplies on hand total $1,400.
3.
The equipment depreciates $300 per month.
4.
During March, services were performed for two-fifths of the unearned service revenue.
Prepare the adjusting entries for the month of March. (List all debit entries before credit entries. Credit account titles are autn
Credu
indented when the amount is entered. Do not indent manually.)
Debit
Date
Account Titles and Explanation
No.
rch
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Amortize Premium by Interest Method
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate
of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda's fiscal year begins on January 1. The company uses the Interest method.
a. Journalize the entries to record the following:
1. Sale of the bonds. Round to the nearest dollar. If an armount box does not require an entry, leave it blank.
the nearest dollar. If an amount box does not require an entry, leave it blank.
2. First semiannual interest payment, including amortization of premium. Round
3. Second semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
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Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment for services provided Remy.
1. Create Receive Payment.
a. From the Navigation Bar, select Projects > Sandy Copper: Remy
b. From the Add to project menu, select Receive payment
c. Select Payment Date: 01/23/2023
d. Select Payment Method: Check
e. Select Deposit to: 1600 Undeposited Funds
f. Select Invoice Number 1002
g. After selecting the Invoice, what is the Amount Received displayed?
Note: Answer this question in the table shown below. Round your answer 2 decimal places.
h. Select Save and close
Amount received
$
2. View the Transaction Journal for Receive Payment.
a. From the Navigation Bar, select Sales > All Sales tab
b. From the Sales Transactions List, select the Sandy Copper: Remy payment just entered
c. From the bottom of Receive Payment, select More > Transaction Journal
d. What are the Account and Amount Debited?
Debit
Credit
20.00
Note: Answer this question in the table shown…
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v Question Completion Status:
Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared
and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
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discussion.
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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Pumpkin Ltd. received the following information from its pension plan trustee concerning their defined
benefit pension plan for the year ended December 31, 2020:
December 31, 2020
$3,500,000
Defined benefit obligation
Fair value of plan assets
1,750,000
For 2020, the service cost is $210,000 and past service cost (effective Jan 1, 2020) is $100,000. During
2020, Pumpkin contributed $595,000 to the plan, and paid 89,000 to the retirees throughout the year.
The actual return of the plan assets is $90,000. The company was also informed by the consulting firm
that an actuarial gain of $750 should be reported. Pumpkin uses discount rates of 6%. Pumpkin uses
the immediate recognition approach under IFRS.
Instructions
Please calculate Pumpkin's DBO and Plan Assets ending balance and net defined pension asset/liability
by completing the following worksheet. No separate journal entry necessary.
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QUESTION 6
Logan Electrics Inc. has fixed operating costs of $370,000, variable costs of $1.75 per unit produced,
and its product sells for $3.00 per unit. What is the company's break-even point, i.e., at what unit sales
volume would income equal costs?
O 211,000 units
O 296,000 units
O 200,000 units
250,000 units
QUESTION 7
Last year Golden Corp. had $410 million in sales, and it had $95 million of fixed assets that were being operated at 8096
capacity. In millions, how large could sales have been if the company had operated at full capacity?
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Long-Term Solvency Analysis
The following information was taken from Acme Company's balance sheet:
Fixed assets (net)
$1,092,000
Long-term liabilities
280,000
Total liabilities
196,000
Total stockholders' equity
980,000
Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers
to one decimal place.
a. Ratio of fixed assets to long-term liabilities
b. Ratio of liabilities to stockholders' equity
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth.
Find the net payment.
ut of
Select one:
O a. 570
O b. 30
Oc 510
O d. 90
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1. Today Zack purchased an investment grade gold coin for $50,000. He expects the coin to increase in value at a
rate of 12% compounded annually for the next 5 years. How much will the coin be worth at the end of the fifth
year if his expectations are correct?
2. Jason purchased $60,000 worth of silver coins 8 years ago. The coins have appreciated 7.5% compounded
annually over the last 8 years. How much are the coins worth today?
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What is the revenue earned from award credits for 2022?
*see attached
a. P 0b. P 28,000c. P 36,000d. P 116,000
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
1.8
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Divide the sum of net income and interest expense by average total assets.
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Note: do it on Excel please
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Question Completion Status:
A Moving to the next question prevents changes to this answer.
Question 1
What is the Payback Period for the following investment?
Year
1
2
3
4
5
O a. 3.77
Ob. 3.73
Oc. 3.89
Od. 3.96
Cash Out
$ (1,600,000)
(710,000)
Cash In
550,000
580,000
610,000
640,000
670,000
A Moving to the next question prevents changes to this answer.
000
900
F2
F3
F4
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6.4 Mortgage Financing
Jessica's mortgage payment, including principal, interest, taxes, and insurance, is $750 per month. She also has other
monthly debt payments of $440. If her monthly gross income is $3,950. How would a bank assess Jessica's capacity to
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Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal
year ends December 31, and the 2021 financial statements are issued on March 15, 2022.
a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against
Eastern in the amount of $116 million plus interest, a total of $131 million. Eastern plans to appeal the judgment and is unable to
predict its outcome though it is not expected to have a material adverse effect on the company.
b. In November 2020, the State of Nevada filed suit against Eastern, seeking civil penalties and injunctive relief for violations of
environmental laws regulating hazardous waste. On January 12, 2022, Eastern reached a settlement…
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A2 Fall 2021-2022
OFIN445 Ch. 1-5 Flashcards | Quizt x
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Required
Income Statement: The income statement of Fairoz store Inc. is given for the
years 2020 & 2019.
2020
2019
General and administrative expenses
21,600
24,000
Interest expense
1,500
1,500
Net sales
$136,400
$138,000
11,660
12,720
Selling Expense
$1,023.0
5,230
Income taxes
99,000
95,000
COGS
770
450
Gain on Sale of land
1. What is the operating profit margin for the company over the years 2020 and
2019 respectively?
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HARMATHAP12 6.2.009.
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What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
future value
24
interest earned
%24
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Assignment (001 22F)
Question 5 of 7
(a1)
$2,120
49,100
21,300
34.490
Notes payable (long-term)
62,200
Cash
Accounts receivable
Accumulated depreciation-equipment
4,030 D. Pharoah, drawings
Depreciation expense
8,800 D. Pharoah, capital (beginning of the year)
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$1,720
13,000
9,700
6,050
2,980
3,950
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding
parentheses e.g. (45).)
49,600
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السؤال 10
Capital budgeting involves...
deciding among various long-term investments A O
preparing the sales budget for the coming year .B O
analyzing various alternatives of financing available to a company .cO
budgeting for yearly operational expenses
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SUS
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E Chapter 5 Homework - FINANCIA X
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
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