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Question - Stanley, 35, is a CPA working for a small manufacturing company earning $80,000 per year. His wife, Denise, 33, works part-time (three afternoons per week) for a doctor's office, earning $20,000 per year. They have a 6-year old son, who goes to school and day-care. Denise does most of the household duties, and it would cost the family $15,000 per year to hire people to provide the household duties if she were to pass away. Stanley does some maintenance and repair for the house as well as some other small chores, which would cost the family $3,000 per year to so these duties if he were to pass away. The family currently spends $45,000 per year, but if one of the couple dies, the annual expenditure will fall to $39,000 per year. You can ignore taxes and inflation in this question. The appropriate discount rate is 3%. Assume that all the dollars in this question are real dollars.
(a) What is the amount of life insurance that the family needs under the Income Approach?
(b) What is the amount of life insurance that the family needs under the Expense Approach?
James Company began the month of October with inventory of $34,000. The following inventory transactions occurred during the month: Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions i..
Lara's employer has a 40 percent marginal tax rate. Ignoring payroll taxes, illustrate what is the maximum amount of before-tax salary Lara would give up to receive health insurance?
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Compute the weighted-average cost of capital for a firm with the following sources of funds and corresponding required rates of return: $5 million common stock
Calculate the monthly installment. Akbar purchased Honda Civic car through bank lease financing. The total value of the car is Rs 3,600,000.
What is the transaction price that Blue Always should compute for this agreement?
Tablot Inc. acquired the common stock of Evers Inc. for $150,000 on December 1, 2016. At December 31, 2016, the fair value of the Evers common had decreased to $145,000. Which classification will result in a higher total stockholders’ equity at Decem..
Identify five areas in which the accountant preparing financial statements must make professional judgements that will affect the content of the statements.
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How can record a transacion in General Journal - Cash Receipts Journal - Cash Payments Journal - Sales Journal - Purchases Journal
Assume Simple Co. had credit sales of $246,000 and cost of goods sold of $146,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. What amount of Ba..
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