User Account

All Pages

Which correct response that bruce should provide grimley

Assignment Help Financial Accounting
Reference no: EM132973027

Problem 1: Grimley owns a small bicycle repair shop called Cycle Doctor. The shop employs Steven and Pam full-time, and just this year hired Creole part-time. The company does not currently offer any form of registered pension plan for its employees. However, Grimley is pondering whether the company should offer a pooled registered pension plan (PRPP). When Grimley asks Bruce, an insurance agent, about PRPPs, which of the following is the CORRECT response that Bruce should provide Grimley?

a) If the PRPP is established, it will be administered by a third party on behalf of Cycle Doctor.
b) If the PRPP is established, Cycle Doctor will be required to make contributions to the plan.
c) Cycle Doctor must implement a PRPP because they do not have another registered pension plan.
d) Once established, all employees of Cycle Doctor will be immediately eligible to participate in the PRPP.

Reference no: EM132973027

Questions Cloud

Which the company routinely adjusts its accruals as learns : Periodically to see if they are at appropriate levels. Accordingly, the company routinely adjusts its accruals as it learns more about applicable charges.
How much is the loss : On March 20, purchased 1,000 shares of XYZ Co. ordinary shares at P80.50 plus broker's fee of P500. How much is the loss
What is meant by formal communication : What is an example of a barrier to effective communication? What are the guidelines for being respectful of your coworker? What is meant by formal communication
What does the lack of the guarantees mean to valerie : What does the lack of these guarantees mean to Valerie? Valerie's employer offers a Defined Contribution Pension Plan (DCPP) and she has the option to select
Which correct response that bruce should provide grimley : When Grimley asks Bruce, an insurance agent, about PRPPs, which of the following is the CORRECT response that Bruce should provide Grimley?
Which are consider as an asset under conceptual framework : Which are consider as an asset under conceptual framework? The cost incurred by an entity to apply for a patent and the patent was granted to the entity.
Why are firms allowed to write down the value of inventories : Why are firms allowed to write down the value of inventories when the NRV of inventories is lower than the cost of inventories but not to report the gain
What would be the cost of goods sold for =company : On March 31 a company needed to estimate, The company's gross margin ratio is 15%. Using the gross profit method, What the cost of goods sold would be?
What are the financial weaknesses of the coca-cola : Will Coca-Cola experience continued challenges in this area? (Only information from the statement of cash flows should be referenced).

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the company degree of financial leverage

The company's current operating income is $700,000. The company's interest expense is $532,124. What is the company's degree of financial leverage

  What the dollar amount of merchandise inventory

The current liabilities of the company are $45,000. Assuming there are no prepaid expenses, what the dollar amount of merchandise inventory

  What payment to corrie included bonus from remaining partner

The partners decided that Corrie should be paid ?245,000 for his interest. The payment to Corrie included bonus from remaining partners of

  Compute the expected return on a and expected return on b

An investor that needs to invest 100,000. Compute the Expected return on A and Expected return on B and Expected return on portfolio.

  Explain three basic types of cash flow

Describe the purpose of each of the financial statements in the order in which they are prepared. Explain three basic types of cash flow.

  What is the minimum gross monthly salary

What is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously

  Calculation of applied manufacturing overhead based on

calculation of applied manufacturing overhead based on direct labor hour rate.1. baka corporation applies manufacturing

  How much revenue and gross profit or loss will appear

How much revenue and gross profit or loss will appear in the company's income statement in the ?rst year of the contract

  Prepare the journal entry to record the issuance of the bond

Cheyenne uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.

  Brown corporation has 1000 shares of common stock

brown corporation has 1000 shares of common stock outstanding. bob owns 300 of shares bobs mother owns 300 shares bobs

  What amount of monthly rent expense should be recognized

The lessor granted the first eight months' rent at no cost. What amount of monthly rent/lease expense should be recognized over the life of the lease?

  Explain the components of the statement of cash flow

Explain the components of the statement of cash flow. Be prepared to illustrate the components through real-life experiences, research, and/or readings.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd