The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don’t have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized):
Bank Statement
Checks Deposits Balance
Balance, April 1, 2014 $37400 32,700
Deposits during Apri 1,340 70,100
Interest collected 71,440
Checks cleared during April $45,600 25,840
NSF check-A. B. Wright 270 25,570
Bank service charges 230 25,340
Balance, April 30, 2014 25,340
Cash (A)
Apr. 1 Balance 24,700
Apr Deposits 43,500
Apr. Checks written 42,100
A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,500. No deposits in transit were carried over from March, but a deposit was in transit at the end of April.
Answers
Answer:
Bank balance April 30 $25,340
+ deposits in transit $6,100
- outstanding checks $4,500
Adjusted total $26,940
Account balance April 30 $26,100
+ interests $1,340
- NSF check $270
- bank service fees $230
Adjusted total $26,940
In order to verify that we have reconciled our bank statement correctly, we must compare it to the reconciliation of the cash account. If both balances are the same (in this case $26,940), then we did the reconciliation correctly.
Required journal entries:
to record NSF check
Dr Accounts receivable 270
Cr Cash 270
to record earned interests
Dr Cash 1,340
Cr Interest revenue 1,340
to record bank fees
Dr Bank service fees 230
Cr Cash 230
Related Questions
How does disintermediation benefit the consumer? How might it harm the consumer? Can you think of any revolutionary businesses created in the past few years due to disintermediation? Be sure to describe one not mentioned already in the chapter.
Answers
Disintermediation in an economy keeps prices and predatory pricing in control since there are no retailers between wholesalers and customers.
The client loses store knowledge and may have to use a single wholesaler, which might lead to monopoly. Customer service is affected.
Airbnb, which connects consumers and searchers to property owners and hotels without agents, is an innovative company.
What is a consumer?Generally, The major advantage of disintermediation for consumers is lower costs and less predatory pricing since there is no store acting as an intermediary between a wholesaler and the consumer.
The only drawback for the consumer in such an agreement is that they may have to go with a single wholesaler, which might result in monopoly, and they lose out on the retailer's knowledge in the engagement. A customer's experience with the service is also affected.
When the platform connects consumers and searchers to home owners and hotels who sought a platform to engage and do business without any middlemen in between, Airbnb is the one revolutionary company that has occurred as a result of disintermediation.
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Would you prefer to be a freelance worker or employed with a fixed
salary?
Answers
Employed with a fixed salary is more suitable because they have job security and a fixed amount of salary.
Why fixed salary job is good?Employer-provided benefits, like as health insurance, 401(k) plans, sick days, and paid vacation time, are one of the main perks of full-time employment. These are all common benefits of staff positions, whereas independent contractors are left to fend for themselves in every way.
Contractors and freelancers work for themselves, whereas employees are employed by a firm. the quantity of customers. Contractors typically work with one customer at a time, whereas employees typically work for a single employer. Freelancers take on multiple clients at once.
Thus, Employed with a fixed salary is more suitable.
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According to the Security Risk Management: Building an Information Security Risk Management Program From the Ground Up textbook, "there will be risks that can't be mitigated at all, aren't worth the effort to reduce the exposure any further, or just won't be addressed in the short term due to other priorities" (p. 47). Provide a real-world example for each of these three scenarios and explain why the risk meets the criteria.
Answers
Answer with Explanation:
Risk which can’t be mitigated: The risks that the share price would fall due to sudden political environment instability or events that effects the economy will definitely affect the business operations as well. Thus are the risks that can not be mitigated at all. Another example would be Corona virus implications on the operation of the company which is again a risk that can't be mitigated.
Risks, that aren’t worth the effort to reduce the exposure any further:
The part of the sentence talks about the risk exposure which says that if the company doesn't resides in an area which is not prone to seismic activity and the chances of earthquake in a country is below 0.000001% which is almost negligible but still it is worthless to purchase the earthquake insurance. As this risk is almost negligible hence it is not worth the effort to reduce the exposure any further.
Risks that wouldn't be addressed in short term due to other priorities:
The risks that will not occur in the next 12 month, can be addressed after 6 months and thus allowing the company to prioritize the risks that must be resolved first. This means that if their is a risk that one of our several products that would be launched after 12 months from now will not be winning customer market can be addressed after 6 months because it is dependent on our future action. If we don't launch our product, our product is not rejected by the customer. Hence situations like this allows us to prioritize our risks.
With practical illustration, discuss how managers can leverage on organizational behaviour components to maximize business success.
Answers
Answer:
Within every organisation that is made up of humans, people are usually placed in groups and units. Because these units collectively make up the organisation, it is important to understand how people behave when they are placed in them. The study of the above is referred to as Organisational Behaviour.
When discussing Organisational Behavior, one has to look at the following:
1. People: Every organisation needs the right people to survive. It needs strong leadership and competent people who are culture fit with the ability to key into the vision, mission and objectives of the organisation and run with it with minimal supervision.
Practically speaking, let's assume Tendon LLC is a start-up, the culture of the organisation will most likely reflect the values, habits and tendencies of the CEO. If the CEO values partnerships, integrity, quality, he'd lookout for those qualities in the heads of departments who he'd hire to manage units within the organisation. Those, in turn, will do the same. The extent to which such values are implemented will determine the success of the organisation, to a large extent.
Leadership: Companies that can develop leaders the fastest will eventually win in the market place. For the sake of this explanation, let's say Leadership is the ability to influence others towards the attainment of organisational goals which are ethical and profitable and to make them love doing it.
Strong and quality leadership prevents high attrition rates and ensure cohesion within teams. If Tendon LLC, for instance, enters the market with a stronger team that Reflex LLC who has been in the business for 15 years, the probability that Tendon will kick Reflex out of the market is high. One of the attributes of leaders are they groom other leaders quickly, they share information rather than hoard them, as they share what they know, they learn more and have more to share thus there is a free and increasing flow of knowledge.
Other attributes of good leadership are accountability and ownership mentality. Leaders don't own the business but they show up every day like they own it and put in the work like they would if they own it. Contrast the above with Reflex who has staff that only show up to work because they have to and do only the bit they are required to.
2. Structure: This simply refers to the various formal relationships that have been created within the organisation for the effective working of the same. For example, there is the Accounting Unit, Human Resources Unit, Marketing Unit, Customer Care Unit, Board of Directors, Executive Management etc.
The relationship between each of these units/ roles servers to clarify reporting structures thus removing any ambiguity with the contractual, political and power relationships between the organisation.
3. Technology: Technology in some industries has replaced a lot of jobs. The purpose of technology is to make life and work simpler, easier. However, in certain industries, for instance, robots have taken over the jobs of millions of people. This simply means that the future of organisations cannot exist without technology. Looking at it from the entrepreneur’s perspective, it is cheaper in the long run to have robots. Robots don't take sick and maternity leaves, come late to work or feel bad. They simply get the job done. This means more profit in the long run.
4. Social System:
Where ever there is a group of people, organised towards a common goal, a social system is most likely to emerge. The values, attributes, personality and thinking of the leaders in any organisation will always influence its social system/ culture. Just like it is important to form healthy habits as an individual, an organisation must form social systems that are healthy and critical to the attainment of its organisational objectives.
Automattic Inc --an American company-- for instance, has successfully codified its social system such that as employees are coming on board, this is communicated to them and they sign off on it. Thus, it becomes like a social contract which will guide their behavior during their stay there.
5. Environment
Every organisation must take into cognisance its internal and external environments. If the external environment is conducive for business, then there is one less factor to worry about. If however, just like in recent times, workers cannot come physically to work due to a pandemic, the behaviour of the organisation is altered. If they do not quickly adjust their operations to accommodate this new behaviour, it will translate to the loss of man-hours, loss of value to customers, loss of customers and ultimately an erosion of the bottom line of the business. So is the internal environment. The internal environment must be conducive for employees to work. The environment must be such that encourages and elicits creativity, problem-solving, teamwork and cohesion.
Cheers!
purchases a wellpoint pump connected to a skid-mounted diesel engine for $14,000. Its market value for salvage purposes decrease by 30 percent each year. When installed on a construction job, a wellpoint system operates virtually 24/7, and operating and maintenance costs will be $3,500 the first year, increasing by $600 each year thereafter. What is the optimum replacement interval if MARR before taxis15%
Answers
Replace the pump at the end of year 3 to maximize the net present value of the cash flows associated with the pump.
Describe optimum replacement interval?Optimum replacement interval refers to the point in time at which it becomes most economically feasible to replace an asset due to factors such as obsolescence, wear and tear, or declining performance. It is the point at which the present value of the cost of owning and maintaining the existing asset is equal to the present value of the cost of replacing it with a new asset.
To find the optimum replacement interval, we need to determine the year in which the present worth of the cash flows associated with keeping the pump is equal to the present worth of the cash flows associated with replacing the pump. We can calculate the present worth of each alternative using the MARR of 15%.
Let's assume that the wellpoint pump has a useful life of 5 years.
Present worth of keeping the pump:
PW(keep) = -14,000 - 3,500(P/A,15%,1) - 4,100(P/A,15%,2) - 4,900(P/A,15%,3) - 3,430(P/A,15%,4) - 2,401(P/A,15%,5)
PW(keep) = -14,000 - 3,500(0.8696) - 4,100(0.7561) - 4,900(0.6575) - 3,430(0.5718) - 2,401(0.4972)
PW(keep) = -14,000 - 3,042.32 - 3,105.96 - 3,218.50 - 1,960.97 - 1,194.43
PW(keep) = -26,522.18
Present worth of replacing the pump:
PW(replace) = -20,000 - 600(P/A,15%,1) - 900(P/A,15%,2) - 1,215(P/A,15%,3) - 1,457.25(P/A,15%,4)
PW(replace) = -20,000 - 600(0.8696) - 900(0.7561) - 1,215(0.6575) - 1,457.25(0.5718)
PW(replace) = -20,000 - 521.76 - 680.49 - 798.26 - 833.34
PW(replace) = -22,833.85
Therefore, the present worth of keeping the pump is lower than the present worth of replacing the pump. We should replace the pump at the end of year 3 to maximize the net present value of the cash flows associated with the pump.
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Let's say you are ordering food for your wedding reception, and you sent out 150 invitations. Everyone RSVP'd, with120 people saying they would attend. You know however that not everyone who RSVP'd will actually show up; there are always, always, always some no-shows (at least from the question-writers experience). Thus you expect to need 100 meals. But just to be safe, you plan to order 110 meals, estimating this is a 90% service level (accepting a 10% probability you'll run out). You discuss this with your fiance who is adamant about increasing your service level to 99%.
Required:
How many meals should you order for a 99% service level?
Answers
The number of meals to order for a 99% service level is 121 meals.
What is the service level?The service level is the percentage of services that can be provided to guests or customers on a given occasion or within a given period.
It can also describe the percentage of meals that a host estimates to serve her guests at a party.
Data and Calculations:Number of invitations sent out = 150
Number of RSVPs received = 120
Expected number of meals to serve = 100
The safety level of meals to serve = 110
The estimated service level at 110 meals = 90%
The Fiancé's estimated service level to attain = 99%
The number of meals to order for a 99% service level is 121 meals (110/90% x 99%).
Thus, the meals that you should order for a 99% service level is 121 meals.
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What two things should Zara keep in mind to make sure that the food her restaurant serves is free of chemical contaminants?
Answers
Don’t spray sanitizer near any food items
(May be wrong, don’t hate)
Windborn Company has 15,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $30 par common stock.
The following amounts were distributed as dividends:
20Y1 $30,000
20Y2 12,000
20Y3 45,000
Common Stock
(dividends per share)
I cannot figure out Y1 or Y3
Answers
The dividends per share for the common stock in year 1 (Y1) is $0.60 per share, and in year 3 (Y3) is $0.90 per share.
To calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3), we need to determine the total dividends distributed and divide them by the number of common shares outstanding.
Given information:
Cumulative preferred stock: 15,000 shares, 1% dividend
Common stock: 50,000 shares, $30 par value
Dividends distributed:
Y1: $30,000
Y2: $12,000
Y3: $45,000
First, let's calculate the dividends per share for the cumulative preferred stock in each year.
Dividends per share for cumulative preferred stock = (Par value * Dividend rate) / Number of preferred shares
Dividends per share for cumulative preferred stock = ($100 * 1%) / 15,000 shares
Dividends per share for cumulative preferred stock = $1 / 15,000
Dividends per share for cumulative preferred stock = $0.000067 per share
Now, let's calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3).
For Y1:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $30,000 - ($0.000067 * 15,000)
Total dividends for common stock = $30,000 - $1.005
Total dividends for common stock = $29,998.995
Dividends per share for common stock in Y1 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y1 = $29,998.995 / 50,000 shares
Dividends per share for common stock in Y1 = $0.5999799 per share (rounded to $0.60 per share)
For Y3:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $45,000 - ($0.000067 * 15,000)
Total dividends for common stock = $45,000 - $1.005
Total dividends for common stock = $44,998.995
Dividends per share for common stock in Y3 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y3 = $44,998.995 / 50,000 shares
Dividends per share for common stock in Y3 = $0.8999799 per share (rounded to $0.90 per share)
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define renewable resources
Answers
Answer:
Renewable Resources is basically a natural resource that can renew by itself or by the help of others.
Explanation:
An early 1970s government study ("Work in America") identified three chief sources of worker dissatisfaction. Which of the following is one of those sources?
Answers
Answer:
"The rigidity of rules and regulations " is the appropriate response.
Explanation:
Rigidity seems to be a distinguishing characteristic of the disposition among people with autism or disabilities. The same kind of perspective also requires an individual to implement strict guidelines to circumstances that require uncertainty as well as consistency.That being said, regulations, as well as standards, seldom operate stringently, with little difference throughout circumstances and conditions.
One way to get people to pay attention to your presentation is to give them candy for answering questions about it. Please select the best answer from the choices provided T F
Answers
False.
Explanation:
While providing incentives like candy can potentially attract attention and engagement, it is important to consider the context and purpose of the presentation. Relying solely on extrinsic rewards like candy may undermine the goal of fostering genuine interest, understanding, and active participation from the audience. It is generally more effective to focus on creating compelling content, interactive activities, and clear communication to engage the audience.
Answer:
False
Explanation:
They will get distracted by the candy so it is false because they may not focus on what your presentation is saying.
Can hackers secure banks? Can they be trusted?
Answers
Answer:
yes they can trusted but may be powerful hacker can do that what are you thinking
Answer:
Consumers often prefer online banking for its convenience, including the ability to access account information and make transactions with just a few taps. A recent Bankrate survey found that 44 percent of bank customers were using mobile apps to manage their accounts. With increased usage, however, comes a higher risk of cybersecurity problems.
An FBI-issued public service announcement alerted consumers to fake banking apps designed to take possession of people’s account information. It recommended using measures such as strong passwords and two-factor authentication as protection from such cybercrimes.
Cybersecurity expert Paul Benda relays a story about the time that hackers tried to break into his bank account and steal his money. “They found out my login, but didn’t know my password,” says the senior vice president of risk and cybersecurity policy at American Bankers Association.
Which of the following best describes the goal of Monetary Policy?
a. Controlling taxes
b. Controlling the national debt
c. Controlling the money supply
d. Stopping inflation
Answers
The objective of monetary policy is best summed up as controlling the money supply. Ans. C
What is monetary policy's primary objective?The Federal Reserve must implement monetary policy "so as to effectively achieve the objectives if maximum employment, price stability, including moderate long-term interest rates," according to the Federal Reserve Act.The legislation specifies three different monetary policy objectives, but the Fed's mandate regarding fiscal policy is frequently.
What are the six monetary policy objectives?Price stability, development, equity, social justice, and the promotion and creation of new financial and financial organizations have all been underlined by the Chakravarty committee as being key goals of Indian monetary policy.
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A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. Subsequently, the company declared a 2% stock dividend on a date when the market price was $11 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
Group of answer choices
$3,200
$6,400
$4,800
$8,800
Answers
If a company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend is D. $8,800.
How to find the amount transferred from the retained earnings account ?Since the stock dividend is 2%, the number of additional shares issued would be:
= 40,000 * 2%
= 800
Total market value of the 800 additional shares:
$11 * 800 = $8,800
Therefore the correct option is D.
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Organizations come across too many challenges or uncertainties about the human resource of the 21st century including globalization, the advent of the latest technology use, more and more innovations, economic and political instability, and ethical and ecological challenges.” With reference to the aforementioned statement, elaborate on how each of the above-mentioned factors related to dynamics changes can pose a challenge and a change in HRM practice. (15) Job analysis is considered as one of the critical processes that cannot be avoided during a recruitment process. Suggest some of the crucial factors that need to be considered when embarking on a job analysis process
Answers
HRM practises may be impacted by issues with globalization, technology, innovation, instability, ethics, and ecology. The work tasks, necessary skills, knowledge, and talents should all be taken into account while doing a job.
Why is human resource development so important to organisations' success in the twenty-first century?The goal of human resource management in the twenty-first century is to increase an organisation's productivity by giving its personnel the best working conditions. When working in a good environment, the employees can give their best performance.
What role does human capital play as one of the key drivers of organisational success?Human resources can be used to develop, strengthen, or change an organisation's culture. Pay, performance evaluation, training and development, hiring and onboarding, and reiterating the core principles.
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Olympia Hospital has overall variable costs of 25% of total revenue and fi xed costs of $45 million
per year.
1. Compute the break-even point expressed in total revenue.
2. A patient-day is often used to measure the volume of a hospital. Suppose there are to be 37,500
patient-days next year. Compute the average daily revenue per patient-day necessary to achieve
the break-even total revenue computed in item 1.
Answers
1. The break-even point in total revenue that Olympia Hospital requires is $60 million.
2. The average revenue per patient-day to achieve the above break-even total revenue is $1,600.
What is the break-even point?The break-even point is the point when the total sales are equal to the total costs.
At the break-even point, Olympia Hospital does not incur any loss or earn any profit.
The formula for computing the break-even total revenue is the fixed costs divided by contribution margin ratio.
Data and Calculations:Variable costs = 25% of total revenue
Fixed costs = $45 million
Total patient-days next year = 37,500 patient-days
Contribution margin ratio = 75% (100% - 25%)
Break-even point in total revenue = $60 million ($45 million/75%)
The average revenue per patient-day to achieve break-even total revenue = $1,600 ($60 million/37,500)
Thus, Olympia Hospital needs to achieve a break-even total revenue of $60 million and $1,600 per patient-day next year to break-even.
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Which type of delivery format would be the best choice for the keynote speech that welcomes employees?
a. manuscript
b. memorized
c. extemporaneous
d. impromptu
Answers
an example of a u.s. export is group of answer choices diamonds mined in africa sold to buyers in south america. matchbooks made in mexico sold to a buyer in new jersey. a tv made in china sold to a buyer in azerbaijan. pasta made in italy sold to buyers in spain. a washing machine made in indiana sold to a buyer in france.
Answers
An example of a u.s. export is -a washing machine made in indiana sold to a buyer in france.
Global export resident of another nation. While the foreign customer is an importer, the seller of these goods or the service provider is an exporter.Services such as financial, accounting, and other professional services, tourism, education, and intellectual property rights all play a role in international trade.Customs officials must frequently be involved in the export of goods.Dumping serves as the third justification for a tariff. Competitors may label dumping when a producer exports at a loss. Another situation is when an exporter charges less for a good in the export market than in its home market. [8] The objective and anticipated
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Identify the rights of employees that are covered by the Wagner and Taft Hartley Acts.
A. The right to nominate candidates for union office.
B. The right to participate in union meetings and secret ballot elections.
C. The right to choose whether they join a union.
D. The right to examine a union's financial records.
E. The right to block non-striking employees from entering the workplace.
Over the past 35 years (early 1980s to the present) union membership in the public (or government) sector has been relatively constant at
A. 10 percent
B. 35 percent
C. 50 percent
D. 60 percent
E. one million workers.
Answers
The rights of employees covered by the Wagner and Taft Hartley Acts is the right to choose whether they join a union. Option C.
Over the past 35 years, union membership in the public (or government) sector has been relatively constant at 35 percent. Option B.
What are Wagner and the Taft-Hartley Acts?The Wagner (1935) and the Taft-Hartley (1947) Acts are U.S. federal laws that gave employees the right to join unions.
Wagner Act helped to pass the National Labour relations Act, which tremendously expanded the rights of labor workers by allowing them to join organized trade unions and bargain for better working conditions.
However, Taft-Hartley Labor Management Relations Act extended and amended Wagner Act and placed many new restrictions on labor unions in the United States.
The union membership rate in the U.S. public (or government) sector has been relatively constant at 35 percent.
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Which business function consists of the given aspects?
Answers
Answer:
d
Explanation:
Becuuse when you read the qustion you see that it all led up to d
One reason why firms might want to pursue a strategic alliance strategy is to exploit
economies of scale. Exploiting economies of scale should reduce firm’s costs. Does this
mean that a firm pursuing an alliance strategy to exploit economies of scale is actually
pursuing a cost leadership strategy? Why or why not? Support your answer
Answers
So, a strategic alliance may benefit the combined group in two ways: one, it will enable them to target larger clients without facing significant rivalry
Economies of scale, which are commonly assessed by the quantity of product provided per unit of time, seem to be the cost savings that businesses gain as a result of the significant scale of the economy.
In order to lower manufacturing costs, economies of scale is the method of producing any good at a very high volume. Strategic alliances allow two businesses to more effectively merge their operations.
It will enable them to lower costs through economies of scale. Additional benefits of economies of scale include lower prices for goods or cost focus in the marketplace.
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Question 8 of 10
An unsecured loan would most likely be used to pay for
A. a boat
B. college
OC. a home
D. a car
SUBMIT
Answers
An unsecured loan would most likely be used to pay for a college. Option (b) is correct.
Unsecured loans do not require any form of collateral in order to be obtained. Based on your borrower's creditworthiness, the lender issues it to you. As a result, obtaining approval for an Unsecured Loan requires having great credit.
Unsecured loans include credit cards, personal loans, and student loans. Financial companies grant unsecured loans because there is no collateral, largely based on your credit score and track record of repaying previous obligations.
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The profitability and financial position of a firm can be judged to be improving, or deteriorating related to competitors in the industry by:
Answers
The profitability and financial position of a firm can be judged to be improving, or deteriorating related to competitors in the industry by analyzing various financial ratios and metrics.
One way to assess a firm's profitability is to examine its profit margins, such as gross profit margin, operating profit margin, and net profit margin. By comparing these margins to industry averages or competitors, one can determine whether the firm is generating more or less profit than its peers. Similarly, analyzing return on assets (ROA) and return on equity (ROE) can provide insights into a company's ability to generate profits with the resources it has. To assess a firm's financial position, one can look at financial ratios such as liquidity ratios such as current ratio and quick ratio.
Therefore, the profitability and financial position of a firm can be judged to be improving, or deteriorating related to competitors in the industry by analyzing various financial ratios and metrics.
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Ms. Tanja Umstead is 46 years old and lives in Richmond, British Columbia. She is in good health
and works in the sales department of a large publicly traded company.
Employment Information
1. Tanja's 2022 salary is $93,500. In addition, she was awarded a year-end bonus of $12,000, all
of which is payable in January 2023.
2.
Tanja's employer sponsors a defined benefit RPP. In 2022, Tanja and her employer each
contribute $4,150 to the plan. In addition, her employer withheld maximum El contributions of
$953 and maximum CPP contributions of $3,500.
3. Her employer offers to pay the tuition for employees taking foreign language courses. Tanja is
taking an intensive course in spoken Chinese at a British Columbia university. The course is
a course of personal interest and is not related to Tanja's employment. The tuition fee for the
course is $3,600, all of which is paid for by her employer. The duration of the course is eight
months.
4. Tanja is provided with disability insurance by an employer-sponsored plan. In 2022, as a
consequence of an automobile accident, she was unable to go to work for one month and
receives benefits of $6,500. Starting in 2020, Tanja has contributed $340 per year for the plan's
coverage. Her employer made a matching contribution in each year.
5. Tanja's employer provides her with an automobile that was purchased several years ago at
a cost of $39,500. In 2022, the car is driven 41,000 kilometres, 34,000 of which were for
employment purposes and 7,000 for personal use. Tanja is required to pay her own operating
costs, which for 2022 totalled $7,240. Except for the one month that she was off from work,
the car was available to Tanja throughout the year. During the one month that she was off, the
car was left in her employer's garage as required by her employer's policy.
6.
Tanja's employer provides all of its employees with financial counselling services. The cost to
the company of the services provided to Tanja was $450.
7.
As a result of winning a sales contest, Tanja received a one-week trip to Las Vegas. The value
of this trip in Canadian dollars was $5,620.
8.
In 2020, Tanja received options to acquire 250 shares of her employer's common stock at a
price of $25 per share. When the options were granted, the shares were trading at $25 per
share. In 2022, Tanja exercises all of the options. On the exercise date, the shares are trading
at $32 per share. Tanja still owns the shares on December 31, 2022.
Required: Calculate Tanja's 2022 minimum taxable income
Ignore any GST/HST & PST considerations.
Answers
From the information given about 46 year old Ms Tanja, her minimum taxable income for 2022 will be $85,877.
Determining the minimum taxable incomeFirst consider various sources of income and deductions. In steps:
Employment Income:
Salary: $93,500Year-end bonus: $12,000Registered Pension Plan (RPP) Contributions:
Tanja's contribution to RPP: $4,150Employer's contribution to RPP: $4,150Employment Insurance (EI) Contributions:
Maximum EI contributions withheld by the employer: $953Canada Pension Plan (CPP) Contributions:
Maximum CPP contributions withheld by the employer: $3,500Employer-Paid Tuition Fees:
Tuition fee for the Chinese language course: $3,600Disability Insurance Benefits:
Benefits received due to the automobile accident: $6,500Employee Contributions to Disability Insurance:
Annual contribution to the plan: $340Automobile Usage:
Employment-related kilometers driven: 34,000Personal use kilometers driven: 7,000Operating costs: $7,240Financial Counselling Services:
Cost of services provided by the employer: $450Sales Contest Prize:
Value of the Las Vegas trip: $5,620Stock Options:
Options granted to acquire 250 shares at $25 per shareExercise of options when shares were trading at $32 per shareTo calculate the taxable income, this can be done in three stages.
First Calculate Gross Income:
Employment Income:
Salary: $93,500Year-end bonus: $12,000Total Employment Income: $105,500RPP Contributions:
Tanja's contribution: $4,150
Employer's contribution: $4,150
Total RPP Contributions: $8,300
EI Contributions:
Maximum EI contributions withheld: $953
CPP Contributions:
Maximum CPP contributions withheld: $3,500Gross Income: $105,500 + $8,300 - $953 - $3,500 = $109,347Secondly, Calculate Employment-Related Automobile Benefit:
Determine the standby charge:
Cost of the automobile: $39,500Standby charge rate (based on the cost): 2% per monthNumber of months the car was available to Tanja: 12 monthsStandby Charge: ($39,500 × 2%) × 12 = $9,480
Determine the operating cost benefit:
Operating costs paid by Tanja: $7,240
Personal use percentage: 7,000 / 41,000 = 17.07%
Operating Cost Benefit: $7,240 × 17.07% = $1,237
Total Automobile Benefit: Standby Charge + Operating Cost Benefit = $9,480 + $1,237 = $10,717
Thirdly, Calculate Taxable Income:
Gross Income - RPP Contributions - EI Contributions - CPP Contributions - Automobile Benefit = Taxable Income
$109,347 - $8,300 - $953 - $3,500 - $10,717 = $85,877
Therefore, Tanja's minimum taxable income for 2022 is $85,877.
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What expectation for ethical behavior and procedures that should be followed?
Answers
Ethical behavior and procedures are essential in maintaining integrity and trust in any organization. The expectations for ethical behavior and procedures may vary depending on the specific industry, organization, and jurisdiction.
However, there are some common principles and guidelines that can be followed. Here are a few key expectations:
Compliance with Laws and Regulations: Employees and stakeholders should comply with all applicable laws, regulations, and industry standards. This includes legal and regulatory requirements related to financial reporting, taxation, data protection, workplace safety, and environmental protection.
Honesty and Integrity: Individuals should act with honesty, integrity, and transparency in all their professional interactions. This involves avoiding conflicts of interest, providing accurate and truthful information, and not engaging in fraudulent or deceptive practices.
Confidentiality and Data Protection: Employees should respect the confidentiality of sensitive information, including customer data, trade secrets, and proprietary information. They should follow appropriate procedures to protect data privacy and ensure compliance with data protection laws.
Fair Treatment and Respect: All individuals should be treated fairly and with respect, regardless of their background, race, gender, religion, or other characteristics. Discrimination, harassment, or any form of unfair treatment should not be tolerated.
Ethical Decision-Making: Individuals should make decisions based on ethical considerations, considering the impact on stakeholders and society as a whole. This involves avoiding conflicts of interest, exercising professional judgment, and seeking guidance when faced with ethical dilemmas.
Accountability and Responsibility: Employees should take responsibility for their actions, acknowledge mistakes, and be accountable for the consequences of their decisions. This includes reporting unethical behavior, complying with internal control procedures, and cooperating with internal and external audits.
Social and Environmental Responsibility: Organizations and individuals should consider the broader impact of their actions on society and the environment. This may involve promoting sustainability, minimizing waste and pollution, and supporting social initiatives.
These expectations for ethical behavior and procedures should be communicated clearly to all employees through codes of conduct, ethics training programs, and regular communication from management. It is important to foster a culture of ethics and integrity, where individuals are empowered to raise concerns, report violations, and seek guidance without fear of retaliation.
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The national average interest rate for Savings Account is 0.13%. Calculate the time it will take to you double your money based up on the following scenarios: ● You’re getting a 0.05% interest rate and currently have $1,000 in your account. ● You’re getting 0.49% interest rate and currently have $40,000 in your account. ● You’re getting 0.8% interest rate and currently have $500 in your account.
Answers
Answer:
1) 1387 Years
2) 142 Years
3) 87 Years
Explanation:
According to the extract, the entrepreneurial activity includes developing and launching new businesses and marketing them, often with the end goal of selling the business to turn a profit. Based on this, indicate a product or service you plan to start a business with. Explain how you generated the business idea and determined the feasibility of the idea.
Answers
Tthe business idea is banking agent operating POS machine. the idea is as a result of absence of financial institution in the area and the demand for money.
How can one generate a business idea?1. Identify a problem or a need in a specific market or industry. For example, absence of financial institution in my area.
2. Research the market to understand its size, growth potential, and competition.
3. Brainstorm potential solutions to the problem or ways to address the need. e.g. provision of POS machine in my own case.
4. Evaluate the feasibility of the solutions based on factors such as market demand, resources required, and potential profitability. People need cash everytime in my area where cashless economy is not in place.
5. Select the most viable solution as your business idea. e.g. withdrawal point like in my case.
To determine the feasibility of your business idea, you can consider the following factors:
1. Market demand: Is there a real need for your product or service? Is the market large enough to support your business?
2. Competition: Who are your competitors, and how will you differentiate your business from theirs? What are the barriers to entry in the market?
3. Resources required: What resources will you need to launch and grow your business? Can you obtain these resources?
4. Financial viability: What are the startup costs, and what is the potential revenue and profitability of your business?
5. Legal and regulatory considerations: Are there any legal or regulatory requirements that you need to comply with to operate your business?
On this basis, if you have a specific business idea in mind, you can evaluate its feasibility by considering these factors. If you don't have a specific idea yet, you can start by identifying a problem or need in a market or industry that interests you and conducting research to identify potential solutions.
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Timothy Jenkins spent six years at Hartford Mills, a company that takes a strong stand against unionization. Though Timothy's designation was that of a production supervisor, as the company grew, he also took on additional duties like keeping a check on employee safety, ensuring that legal measures are followed, and implementing programs for labor welfare that the company planned. Many believed that Timothy was doing a great job for the company, and so it came as a surprise when Timothy was rumored to face severe disciplinary action, as he was encouraging the workers to join a union. However, he was let off with a mere warning. Which of the following, if true, would explain this paradox? A) The management had recently instituted a formal employee welfare committee. B) Timothy stressed the fact that he was a meticulous worker who always adhered to company policies. C) The management had recently moved from an open shop mechanism to a closed shop mechanism. D) Timothy claimed that he was only looking to ensure
Answers
If Timothy's assertion that he just wished to improve employee welfare—one of the responsibilities given to him by the company—were accurate, it would explain the paradox.
A paradox is a statement that appears to be in opposition to logic or common sense yet may nevertheless be accurate.
A paradox is a versatile technique that may be employed in writing or speech, as well as singly or in a group of other paradoxes. It can also have positive or negative implications. Read these quotations and examples to learn more about what a paradox is and how it might be applied.
Let's examine some traditional examples. The pigs in George Orwell's Animal Farm came up with this maxim. The statement is paradoxical because nothing is the same.
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what is gross income??
Answers
Answer:
the amount of money you make before all the taxes and deductions are made.
Explanation:
whay i said for the answer ^
Suppose you win on a scratch‑off lottery ticket and you decide to put all of your $2,500
winnings in the bank. The reserve requirement is 10%
.
What is the maximum possible increase in the money supply as a result of your bank deposit?
maximum increase
Answers
Both of these occurrences stop the flow of money from banks to people and from people to banks.so limiting the expansion of the money supply.
His deposit at the bank increased by $2500 since he put his full winnings there. Now, based on the simple deposit multiplier formula, change in deposits is equal to 1/rr × change in reserves.
Change in deposits,
2500/0.05
50,000
Since there is no public money in circulation in this instance of a simple deposit multiplier, an increase in deposits of $2500 results in an increase in the money supply of $50,000.
The following scenarios would result in a less than potential growth in the money supply:
Banks chose to hold onto a portion of their excess reserves.
Some borrowers of loans opt to keep some cash on hand as opposed to depositing it fully in banks.
Both of these occurrences stop the flow of money from banks to people and from people to banks.so limiting the expansion of the money supply. In the first scenario, banks limit the amount of loans they can make to the public by not lending all of their excess reserves to them.
In the second scenario, people keep cash on hand rather than depositing the full amount, which again limits the number of loans that can be made and, in turn, limits the amount of available money in the economy.
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