Retirement plannime Bound the answers to the nearest dollar. Akcuind .pdf
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Retirement plannime Bound the answers to the nearest dollar. Akcuind sue or Lindwy's tetirement rest ego Amogent that she must save annually 5 PROJECTING RETIREMENT INCOME AND INVESTMENT NEEDS Name(s) Date Estimated Household Expenditures in Retirement: A. Approximate number of years to retirement B. Current level of annual household expenditures, excluding savings C. Estimated household expenses in retirement as a percent of current expenses D. Estimated annual household expenditures in retirement (BC) II. Estimated Income in Retirement: E. Social Security, annual income F. Company/employer pension plans, annual amounts G. Other sources, annual amounts H. Total annual income (E+F+G) I. Additional required income, or annual shortfall (D- H) III. Inflation Factor; 1. Expected average annual rate of inflation over the period before retif K. Inflation factor: Based on 0 years to retirement (A) and an expected average annual rate of inflation (J) of 0%L Size of inflation-adjusted annual shortfall (IK) IV. Funding the Shortfall: M. Anticipated return on assets held ofter retirement N. Amount of retirement funds required-size of nest egg (L+M) O. Expected rate of return on investments prior to retirement P. Future value of an annuity interest factor: Based or 0 vears to retirement (A) and an expected rate of reth on investments of \%. 8. $ Q. Annual savings required to fund retirement nest egg (NP) Note: Parts 1 and 11 are prepared in terms of current (todays) dollars..
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Finance 335Conference (due Thursday)· Discuss the role socia.docx
Finance 335:
Conference: (due Thursday)
· Discuss the role social security might play in a retirement plan. Or choose an unusual aspect about social security strategies. (150 words)
· Determining how much one needs to retire and how to meet that need is a complex task. Come up with a hypothetical person and discuss their needs and considerations in determining how to meet those needs. Considerations include, retirement lifestyle, leaving an estate, family demographics, pensions, social security, risk tolerance for investments, life insurance, and retirement plans such as 401k, IRA, Keogh etc. Your example might also include a family business. Your methodology might include retirement calculators, rules of thumb, replacement income, or your own logical approach, I have attached an article on one type of rule of thumb in Course Content for the week (200 words)
Quiz: (due Friday)
Finance 430:
http://www.coursesmart.com/9780538477116/HEOA-1
Username and password will be given upon agreement
(due Thursday)
· Please answer the Selt-Test questions in Chapter 1, p.6 and p.22. Chapter 5, answers the following Easy Problems, page 173, 5-1, 5-2, 5-3 and 5-5, you must show your calculations. Your answers do not need to be overly long, at the same time one short sentence is porbably not sifficient.
FINC355 Professor Goohs – Retirement and Estate Planning
Quiz 1
NAME ____________________________ Due Date: June 8, 2014 (in assignment folder)
Please provide name above and provide answers in the chart below and submitting homework in MS Word in assignment folder for Quiz 1. (I’ll deduct points if you don’t).
Problem
Answer
Example
A
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1.
Which of the following types of defined contribution plans are commonly used to help employers maximize benefits for older employees?
(1) fixed formula age-weighted
(2) 401(k)
(3) cross-tested
(4) stock bonus
A. (1) and (3) only
B. (2) and (3) only
C. (3) and (4) only
D. (2) (3) and (4)
2. Bob D. Builder, owner of Bob’s Construction, would like to offer a retirement plan that would help reduce turnover. Bob should consider using a(n)
A. 401(k) plan
B. profit sharing plan
C. savings plan
D. age-weighted plan
E. defined benefit plan
3. Looking beyond pure capital accumulation needs, which of the following is a primary capital needs planning objective?
A. determining pension plan income benefits
B. identifying retirement cash flow
C. accounting for income from future savings
D. translating capital into living expense needs
4. Which of the following is not an acceptable method for overcoming a retirement shortfall?
A. cut back on expenses before retirement
B. invest a large portion of a retirement portfolio in a high-risk investment to obtain a higher return
C. increase pre-retirement savings
D. retire later
E. tap into home equity
5. Cathy Atwater i ...
Finc 430Quiz 1 will be posted on Friday the 13th, but will need.docx
Finc 430:
Quiz 1 will be posted on Friday the 13th, but will need to be due by Sunday morning at 7am.
Discussion:
Select a publicly traded company, analyze the company's free cash flow. Why is free cash flow important to the company and any potential investor. Various sources on the Internet should provide you with the information as well as the company's financial statements.
Finc 355:
Discussion:
Pick one of the following assets and discuss who you want to leave it to (including charities) and how to do it best in terms of taxes, probate, liability to your estate and those who inherit: (a) house (b) IRA (c) life insurance (d) bonds (e) appreciated stock (f) piece of valuable art (g) cash (h) family business (i) royalties from an oil trust (j) savings bonds series EE (k) personal property ... OR discuss strategies to leave gifts to (a) children per stirpes or per capita (b) to your grandkids or (c) to your wife.
Do any of you have and employer provided retirement plan? What are the benefits? How would you rate it? Is it portable? How does it affect your taxes?
Quiz 2
FINC355 Professor Goohs – Retirement and Estate Planning
Quiz 2
NAME ____________________________ Due Date: June 15, 2014 (in assignment folder)
Please provide name above and provide answers in the chart below and submitting homework in MS Word in assignment folder for Quiz 2. (I’ll deduct points if you don’t).
Problem
Answer
Example
A
1
21
2
22
3
23
4
24
5
25
6
26
7
27
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20
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1.
Which of the following represents both the age after which an individual may no longer establish a non-rollover traditional IRA and the trigger point for beginning required distributions?
A. 65
B. 70½
C. 72½
D. 75
2. For individuals who have attained age 50 before the close of the tax year, what is the maximum dollar amount that may be contributed to a traditional IRA in 2013?
A. $3,000
B. $4,000
C. $5,000
D. $6,500
3. Pam wants to use money from a traditional IRA for a down payment to purchase a first home. How much can she withdraw from her IRA without having to pay the federal early distribution penalty?
A. $10,000
B. $12,500
C. $15,000
D. $20,000
4. Distributions from a traditional IRA cannot be made before the participant turns 59½ unless the IRA owner dies.
A. True
B. False
5. IRAs can be invested in a variety of investment vehicles, including mutual funds, stocks, bonds, and life insurance contracts.
A. True
B. False
6. Minnie and Micky Pluck are married, filing jointly in 2013. Minnie earns $60,000 a year and takes full advantage of her employer’s qualified retirement plan. Micky is not employed.
A. Micky can receive a full deduction for an IRA contribution
B. Micky can receive a partial deduction for an IRA contribution
C. both Micky and Minnie can make a nondeductible IRA contribution
D. Micky cannot make an IRA contribution
E. Minnie can make a nondeduc ...
Buy the full version to view expert answers1. On January 1, .docx
Buy the full version to view expert answers
1. On January 1, 2008, Capitech Corporation acquired Logirun, Inc. as a long-term investment for $250,000 (a 30 percent common stock interest in Logirun). On that date, Logirun had net assets with a book value and current market value of $800,000. During 2008, Logirun reported net income of $90,000 and declared and paid cash dividends of $20,000. What is the maximum amount of income that Capitech should report from this investment for 2008?
A. $6,000
B. $21,000
C. $26,750
D. $27,000
For each situation listed in questions 2–3, indicate by letter the appropriate accounting assumption being discussed.
2. When preparing the financial statements for MacNeil & Sons, the accountant included certain personal assets of MacNeil and his sons in preparing the statements.
A. Stable monetary units
B. Specific economic entity
C. Going concern
D. Arm’s-length transactions
3. The operations of Uintah Savings and Loan are being evaluated by the federal government.
During their investigations, government officials have determined that numerous loans made by top management were unwise and have seriously endangered the future of the savings and loan.
A. Stable monetary units
B. Specific economic entity
C. Going concern
D. Arm’s-length transactions
Answers
1. D. $27,000
2. B. Specific economic entity
3. C. Going concern
Buy the full version to view expert answers
1. On October 1, Dennis Company purchased $200,000 face value 12 percent bonds for 98 plus accrued interest and brokerage fees and classified them as held-to-maturity securities. Interest is paid semiannually on January 1 and July 1. Brokerage fees for this transaction were $700.
At what amount should this acquisition of bonds be recorded?
A. $196,000
B. $196,700
C. $202,000
D. $202,700
2. All payments out of petty cash are debited to miscellaneous expense.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
3. Periodic payments of $1,500 per month for services of H. Hay, who is the sole proprietor of the company, are reported as withdrawals.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
Answers
1. B. $196,700
2. A. Materiality
3. C. Economic entity
Buy the full version to view expert answers
1. Investments in equity securities are initially recorded at cost.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
2. A note describing the company’s possible liability in a lawsuit is included with the financial statements even though no formal liability exists at the balance sheet date.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
3. In March of 2007, Moon Corp. bought 45,000 shares of McMahon Corp.’s listed stock for
$450,000 and classified the shares as available-for-sale securities. The market value of these shares had declined to ...
The following information is for Henenlotter Inc. for the year end.docx
The following information is for Henenlotter Inc. for the year ended December 31, 2012.
Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012.
CASH RECEIVED FROM:
Customers
?
Interest on investments
600
Sale of land (not in use)
1,000
Sale of Henenlotter Inc. common stock
750
Sale of Janis Corp. stock
500
Issuance of debt securities (bonds)
2,000
CASH PAID FOR:
Interest on debt
300
Income tax
80
Debt principal reduction
1,500
Purchase of equipment
4,100
Purchase of inventory
1,000
Dividends paid on Henenlotter common stock
200
Operating expenses
400
OTHER DATA
Revenue
600
Accounts Receivable (Jan. 1, 2012)
1,200
Accounts Receivable (Dec. 31, 2012)
900
Accounts written off during the year
200
Prepare a Statement of Cash Flows for the year.
Use the direct method for the operating activities section.
1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
A. Reliability.
B. Comparability.
C. Completeness.
D. Verifiability.
E. All of the above
2. Which of the following best demonstrates the full disclosure principle?
A. The multi-step income statement.
B. The auditors' report.
C. The company's tax return.
D. Notes to financial statements.
E. None of the above.
3. Disclosure notes to a company's financial statements:
A. Are relatively unimportant facts that don't belong in the basic financial statements.
B. Document the source of financial statement facts, like literary footnotes.
C. Are an integral part of a company's financial statements.
D. Are irrelevant facts that are immaterial in amount.
E. None of the above.
4. An important argument in support of historical cost information is:
A. Relevance.
B. Predictive quality for future cash flows.
C. Materiality.
D. Verifiability.
E. All of the above
5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is:
A. Timeliness.
B. Materiality.
C. Relevance.
D. Cost effectiveness.
E. All of the above.
6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is:
A. Comparability.
B. Faithful representation.
C. Cost effectiveness.
D. Materiality.
E. Two of the above are correct.
7. Recognizing expected losses immediately, but deferring expected gains, is an example of:
A. Materiality.
B. Conservatism.
C. Cost effectiveness.
D. Timeliness.
E. All o ...
MBA 206 FIN PERSONAL FINANCIAL PLANNING APRIL 2023.pdf
206 FIN : PERSONAL FINANCIAL PLANNING APRIL 2023
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
Recommended
Finance 335Conference (due Thursday)· Discuss the role socia.docx
Finance 335:
Conference: (due Thursday)
· Discuss the role social security might play in a retirement plan. Or choose an unusual aspect about social security strategies. (150 words)
· Determining how much one needs to retire and how to meet that need is a complex task. Come up with a hypothetical person and discuss their needs and considerations in determining how to meet those needs. Considerations include, retirement lifestyle, leaving an estate, family demographics, pensions, social security, risk tolerance for investments, life insurance, and retirement plans such as 401k, IRA, Keogh etc. Your example might also include a family business. Your methodology might include retirement calculators, rules of thumb, replacement income, or your own logical approach, I have attached an article on one type of rule of thumb in Course Content for the week (200 words)
Quiz: (due Friday)
Finance 430:
http://www.coursesmart.com/9780538477116/HEOA-1
Username and password will be given upon agreement
(due Thursday)
· Please answer the Selt-Test questions in Chapter 1, p.6 and p.22. Chapter 5, answers the following Easy Problems, page 173, 5-1, 5-2, 5-3 and 5-5, you must show your calculations. Your answers do not need to be overly long, at the same time one short sentence is porbably not sifficient.
FINC355 Professor Goohs – Retirement and Estate Planning
Quiz 1
NAME ____________________________ Due Date: June 8, 2014 (in assignment folder)
Please provide name above and provide answers in the chart below and submitting homework in MS Word in assignment folder for Quiz 1. (I’ll deduct points if you don’t).
Problem
Answer
Example
A
1
21
2
22
3
23
4
24
5
25
6
26
7
27
8
28
9
29
10
30
11
31
12
32
13
33
14
34
15
35
16
36
17
37
18
38
19
39
20
40
1.
Which of the following types of defined contribution plans are commonly used to help employers maximize benefits for older employees?
(1) fixed formula age-weighted
(2) 401(k)
(3) cross-tested
(4) stock bonus
A. (1) and (3) only
B. (2) and (3) only
C. (3) and (4) only
D. (2) (3) and (4)
2. Bob D. Builder, owner of Bob’s Construction, would like to offer a retirement plan that would help reduce turnover. Bob should consider using a(n)
A. 401(k) plan
B. profit sharing plan
C. savings plan
D. age-weighted plan
E. defined benefit plan
3. Looking beyond pure capital accumulation needs, which of the following is a primary capital needs planning objective?
A. determining pension plan income benefits
B. identifying retirement cash flow
C. accounting for income from future savings
D. translating capital into living expense needs
4. Which of the following is not an acceptable method for overcoming a retirement shortfall?
A. cut back on expenses before retirement
B. invest a large portion of a retirement portfolio in a high-risk investment to obtain a higher return
C. increase pre-retirement savings
D. retire later
E. tap into home equity
5. Cathy Atwater i ...
Finc 430Quiz 1 will be posted on Friday the 13th, but will need.docx
Finc 430:
Quiz 1 will be posted on Friday the 13th, but will need to be due by Sunday morning at 7am.
Discussion:
Select a publicly traded company, analyze the company's free cash flow. Why is free cash flow important to the company and any potential investor. Various sources on the Internet should provide you with the information as well as the company's financial statements.
Finc 355:
Discussion:
Pick one of the following assets and discuss who you want to leave it to (including charities) and how to do it best in terms of taxes, probate, liability to your estate and those who inherit: (a) house (b) IRA (c) life insurance (d) bonds (e) appreciated stock (f) piece of valuable art (g) cash (h) family business (i) royalties from an oil trust (j) savings bonds series EE (k) personal property ... OR discuss strategies to leave gifts to (a) children per stirpes or per capita (b) to your grandkids or (c) to your wife.
Do any of you have and employer provided retirement plan? What are the benefits? How would you rate it? Is it portable? How does it affect your taxes?
Quiz 2
FINC355 Professor Goohs – Retirement and Estate Planning
Quiz 2
NAME ____________________________ Due Date: June 15, 2014 (in assignment folder)
Please provide name above and provide answers in the chart below and submitting homework in MS Word in assignment folder for Quiz 2. (I’ll deduct points if you don’t).
Problem
Answer
Example
A
1
21
2
22
3
23
4
24
5
25
6
26
7
27
8
28
9
29
10
30
11
31
12
32
13
33
14
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15
35
16
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17
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18
38
19
39
20
40
1.
Which of the following represents both the age after which an individual may no longer establish a non-rollover traditional IRA and the trigger point for beginning required distributions?
A. 65
B. 70½
C. 72½
D. 75
2. For individuals who have attained age 50 before the close of the tax year, what is the maximum dollar amount that may be contributed to a traditional IRA in 2013?
A. $3,000
B. $4,000
C. $5,000
D. $6,500
3. Pam wants to use money from a traditional IRA for a down payment to purchase a first home. How much can she withdraw from her IRA without having to pay the federal early distribution penalty?
A. $10,000
B. $12,500
C. $15,000
D. $20,000
4. Distributions from a traditional IRA cannot be made before the participant turns 59½ unless the IRA owner dies.
A. True
B. False
5. IRAs can be invested in a variety of investment vehicles, including mutual funds, stocks, bonds, and life insurance contracts.
A. True
B. False
6. Minnie and Micky Pluck are married, filing jointly in 2013. Minnie earns $60,000 a year and takes full advantage of her employer’s qualified retirement plan. Micky is not employed.
A. Micky can receive a full deduction for an IRA contribution
B. Micky can receive a partial deduction for an IRA contribution
C. both Micky and Minnie can make a nondeductible IRA contribution
D. Micky cannot make an IRA contribution
E. Minnie can make a nondeduc ...
Buy the full version to view expert answers1. On January 1, .docx
Buy the full version to view expert answers
1. On January 1, 2008, Capitech Corporation acquired Logirun, Inc. as a long-term investment for $250,000 (a 30 percent common stock interest in Logirun). On that date, Logirun had net assets with a book value and current market value of $800,000. During 2008, Logirun reported net income of $90,000 and declared and paid cash dividends of $20,000. What is the maximum amount of income that Capitech should report from this investment for 2008?
A. $6,000
B. $21,000
C. $26,750
D. $27,000
For each situation listed in questions 2–3, indicate by letter the appropriate accounting assumption being discussed.
2. When preparing the financial statements for MacNeil & Sons, the accountant included certain personal assets of MacNeil and his sons in preparing the statements.
A. Stable monetary units
B. Specific economic entity
C. Going concern
D. Arm’s-length transactions
3. The operations of Uintah Savings and Loan are being evaluated by the federal government.
During their investigations, government officials have determined that numerous loans made by top management were unwise and have seriously endangered the future of the savings and loan.
A. Stable monetary units
B. Specific economic entity
C. Going concern
D. Arm’s-length transactions
Answers
1. D. $27,000
2. B. Specific economic entity
3. C. Going concern
Buy the full version to view expert answers
1. On October 1, Dennis Company purchased $200,000 face value 12 percent bonds for 98 plus accrued interest and brokerage fees and classified them as held-to-maturity securities. Interest is paid semiannually on January 1 and July 1. Brokerage fees for this transaction were $700.
At what amount should this acquisition of bonds be recorded?
A. $196,000
B. $196,700
C. $202,000
D. $202,700
2. All payments out of petty cash are debited to miscellaneous expense.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
3. Periodic payments of $1,500 per month for services of H. Hay, who is the sole proprietor of the company, are reported as withdrawals.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
Answers
1. B. $196,700
2. A. Materiality
3. C. Economic entity
Buy the full version to view expert answers
1. Investments in equity securities are initially recorded at cost.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
2. A note describing the company’s possible liability in a lawsuit is included with the financial statements even though no formal liability exists at the balance sheet date.
A. Materiality
B. Representational faithfulness
C. Economic entity
D. Historical cost
3. In March of 2007, Moon Corp. bought 45,000 shares of McMahon Corp.’s listed stock for
$450,000 and classified the shares as available-for-sale securities. The market value of these shares had declined to ...
The following information is for Henenlotter Inc. for the year end.docx
The following information is for Henenlotter Inc. for the year ended December 31, 2012.
Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012.
CASH RECEIVED FROM:
Customers
?
Interest on investments
600
Sale of land (not in use)
1,000
Sale of Henenlotter Inc. common stock
750
Sale of Janis Corp. stock
500
Issuance of debt securities (bonds)
2,000
CASH PAID FOR:
Interest on debt
300
Income tax
80
Debt principal reduction
1,500
Purchase of equipment
4,100
Purchase of inventory
1,000
Dividends paid on Henenlotter common stock
200
Operating expenses
400
OTHER DATA
Revenue
600
Accounts Receivable (Jan. 1, 2012)
1,200
Accounts Receivable (Dec. 31, 2012)
900
Accounts written off during the year
200
Prepare a Statement of Cash Flows for the year.
Use the direct method for the operating activities section.
1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
A. Reliability.
B. Comparability.
C. Completeness.
D. Verifiability.
E. All of the above
2. Which of the following best demonstrates the full disclosure principle?
A. The multi-step income statement.
B. The auditors' report.
C. The company's tax return.
D. Notes to financial statements.
E. None of the above.
3. Disclosure notes to a company's financial statements:
A. Are relatively unimportant facts that don't belong in the basic financial statements.
B. Document the source of financial statement facts, like literary footnotes.
C. Are an integral part of a company's financial statements.
D. Are irrelevant facts that are immaterial in amount.
E. None of the above.
4. An important argument in support of historical cost information is:
A. Relevance.
B. Predictive quality for future cash flows.
C. Materiality.
D. Verifiability.
E. All of the above
5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is:
A. Timeliness.
B. Materiality.
C. Relevance.
D. Cost effectiveness.
E. All of the above.
6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is:
A. Comparability.
B. Faithful representation.
C. Cost effectiveness.
D. Materiality.
E. Two of the above are correct.
7. Recognizing expected losses immediately, but deferring expected gains, is an example of:
A. Materiality.
B. Conservatism.
C. Cost effectiveness.
D. Timeliness.
E. All o ...
MBA 206 FIN PERSONAL FINANCIAL PLANNING APRIL 2023.pdf
206 FIN : PERSONAL FINANCIAL PLANNING APRIL 2023
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects t.pdf
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects to have nonconstant growth of
15% for 2 years followed by a constant rate of 7% thereafter. The firm's required return is 10%.
a. How far away is the horizon date? I. The terminal, or horizon, date is Year 0 since the value of
a common stock is the present value of all future expected dividends at time zero. II. The
terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at
time zero. III. The terminal, or horizon, date is the date when the growth rate becomes constant.
This occurs at the beginning of Year 2 . IV. The terminal, or horizon, date is the date when the
growth rate becomes constant. This occurs at the end of Year 2. V. The terminal, or horizon, date
is infinity since common stocks do not have a maturity date. b. What is the firm's horizon, or
continuing, value? Do not round intermediate calculations. Round your answer to the nearest
cent. $ c. What is the firm's intrinsic value today, P0 ? Do not round intermediate calculations.
Round your answer to the nearest cent. $.
Concord Coalition: The Current US Fiscal Situation (October 2020)
A chart talk from The Concord Coalition analyzing the fiscal challenges facing the US before COVID, and how the economic impact of COVID and the federal response has made that situation even more difficult.
FINC355 Professor Goohs – Retirement and Estate Planning Quiz .docx
FINC355 Professor Goohs – Retirement and Estate Planning
Quiz 4
NAME ____________________________ Due Date: June 29, 2014 (in assignment folder)
Please provide name above and provide answers in the chart below and submitting homework in MS Word in assignment folder for Quiz 4. (I’ll deduct points if you don’t).
Problem
Answer
Example
A
1
21
2
22
3
23
4
24
5
25
6
26
7
27
8
28
9
29
10
30
11
31
12
32
13
33
14
34
15
35
16
36
17
37
18
38
19
39
20
40
1.
Which of the following is true about employer contributions to a money purchase plan?
A. contributions cannot exceed 30% of an employee’s compensation
B. in 2013, the maximum dollar amount of annual contributions to an employee’s account cannot exceed $90,000
C. plan contributions go into a pooled account rather than into individual employee accounts
D. plan benefits accumulate in individual employee accounts, which will be available at retirement or termination of employment
2. Which of the following may be considered a disadvantage for employees of money purchase pension plans?
A. employees bear investment risk under the plan
B. employers bear investment risk under the plan
C. plan distributions may be eligible for the 10-year special averaging computation
D. good investment results increase plan benefits
3. A self-employed person with less than 10 employees can use a money purchase plan to fund his or her own retirement.
A. True
B. False
4. The IRS generally allows money purchase plans to provide for “in-service distributions”—that is, benefits payable before termination of employment.
A. True
B. False
5. The owner of Whitney Corporation, Inc., earned $250,000 in 2013. In the same year, three highly compensated employees earned $100,000 each. The remaining 30 line workers earn about $20,000 each, for a total payroll of $600,000 for this group of workers. Whitney Corporation made the maximum allowable contribution to each employee’s money purchase plan in 2013. In 2013, what was the total amount that Whitney Corporation contributed to their money purchase plan?
A. $51,000
B. $150,000
C. $225,000
D. $276,000
E. $318,000
[calculated as $51,000 + .25(100,000) +.25(100,000) + .25(100,000) + .25(600,000); the owner’s contribution is capped at $51,000 (in 2013) because 25% of $250,000 is greater than the $51,000 statutory limit; the maximum contribution for all other workers is 25% of their compensation, 25% of ($300,000 + $600,000)]
6. Which one of the following provides the greatest amount of flexibility for employer profit sharing plan contributions?
A. a discretionary provision
B. a formula provision
C. a money purchase paired plan provision
D. a target benefit provision
7. After the minimum two-year holding requirement, what amounts may be withdrawn from a participant’s profit sharing plan account prior to retirement or termination?
A. 100% of account assets
B. no more than 25% of the account’s current value
C. an amount not to ...
Lesson 1Financial AccountingWhen you feel confident that y.docx
Lesson 1
Financial Accounting
When you feel confident that you have mastered the material in
Lesson 1, go to http://www.takeexamsonline.com and submit
your answers online. If you don’t have access to the Internet,
you can phone in or mail in your exam. Submit your answers for
this examination as soon as you complete it.
Do not wait until
another examination is ready.
1. When planning for retirement, _______ assess the company’s
ability to offer long-term job prospects and an attractive
retirement benefits package.
A.
social clubs
C.
state governments
B.
not-for-profit entities
D.
employees
2. Which of the following is
not
a kind of accounting considered
in your textbook?
A.
Financial
C.
National
B.
Managerial
D.
Public
3. Which classification of accounting is
most
concerned with the
use of economic and financial information to plan and control
many of the activities of the entity?
A.
Managerial
C.
Financial
B.
Public
D.
Income tax
4. Cost accounting is a subset of
A.
internal auditing.
C.
cost analysis.
B.
public auditing.
D.
managerial accounting.
5. During the 1970–1980 period, the _______ operated as a governmental body to
establish standards applicable to government contracts. It was abolished in 1981,
although its standards remained in effect.
A.
NASB
C.
CASB
B.
CANN
D.
AICPA
6. The balance sheet equation can be represented by all of the following
except
which
one?
A.
A = L + OE
B.
Assets – Liabilities = Owners’ Equity
C.
Net Assets = Owners’ Equity
D.
A = L – OE
7. The time frame associated with an income statement is a
A.
point in time in the past.
B.
past period of time.
C.
future period of time.
D.
function of the information included in it.
8. On January 31, an entity’s balance sheet showed total assets of $750 and liabilities of
$250. Owners’ equity at January 31 was
A.
$250.
C.
$750.
B.
$500.
D.
$1,000.
9. The return on investment measure of performance
A.
isn’t as important a measure of management effectiveness as the amount of net
income.
B.
relates dividends paid to the entity’s assets.
C.
involves net income divided by sales, which is called
margin.
D.
is calculated by dividing average assets for a period by the amount of net income
for the period.
10. Rate of return and _______ related to an investment go hand in hand.
A.
asset assessment
C.
falling interest
B.
riskiness
D.
time signature
11. An advantage of the DuPont model for calculating ROI is that it
A.
focuses on asset utilization as well as net income.
B.
is easier to use than the straightforward ROI formula.
C.
uses average assets, and the straightforward ROI formula doesn’t.
D.
uses owners’ equity.
12. Which of the following
best
states what return on equity is?
A.
It will be the same as return on investment.
B.
It relates dividends and turnover.
C.
It relates dividends and owners’ equity.
D.
It relates net income a.
Holt Enterprises recently paid a dividend, D0, of $2.25. It expects t.pdf
Holt Enterprises recently paid a dividend, D0, of $2.25. It expects to have nonconstant growth of
23% for 2 years followed by a constant rate of 10% thereafter. The firm's required return is 17%.
a. How far away is the horizon date? I. The terminal, or horizon, date is infinity since common
stocks do not have a maturity date. II. The terminal, or horizon, date is Year 0 since the value of
a common stock is the present value of all future expected dividends at time zero. III. The
terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at
time zero. IV. The terminal, or horizon, date is the date when the growth rate becomes constant.
This occurs at the beginning of Year 2. V. The terminal, or horizon, date is the date when the
growth rate becomes constant. This occurs at the end of Year 2. b. What is the firm's horizon, or
continuing, value? Do not round intermediate calculations. Round your answer to the nearest
cent. $ c. What is the firm's intrinsic value today, P0 ? Do not round intermediate calculations.
Round your answer to the nearest cent. $.
2IIM CAT Interview Prep - Economics - National Accounts, Deficits
A presentation explaining fiscal deficit, revenue deficit and primary deficit
1 Total annual income your family would need if you died today.docx
1 Total annual income your family would need if you died today $
What your family needs, before taxes, to maintain its current standard of living
(Typically between 60% - 75% of total income)
2 Annual income your family would receive from other sources $
Spouse's earnings, fixed pension, etc. (Do not include earned income on assets)
3 Income to be replaced - Subtract line 2 from line 1 $
4 Capital needed for income - Multiply line 3 by appropriate factor in Table A $
Expenses:
5 Funeral and other final expenses $
Typically the greater of $15,000 or 4% of the estate value
6 Mortgage and other outstanding debts $
Include mortgage balance, credit card debt, car loans, etc.
7 College costs for children, in today's dollars $
Average 4-year cost per child: State college - $80,360 * (in-state resident)
Private college - $181,480 *
* Includes tuition, fees, room and board
8 Capital needed for college - Multiply line 7 by the appropriate factor in Table B $
9 Total capital required - Add lines 4, 5, 6 and 8 $
Assets:
10 Savings and investments $
Bank accounts, money market accounts, CDs, stocks, bonds, mutual funds, etc.
11 Retirement savings $
IRAs, 401(k)s, Keoghs, pension and profit sharing plans
12 Present amount of life insurance $
13 Total income producing assets - Add lines 10, 11 and 12 $
14 Life insurance needed - Subtract line 13 from line 9 $
Years income needed Factor Years before college Factor
10 8.8 5 0.95
15 12.4 10 0.91
20 15.4 15 0.86
25 18.1 20 0.82
30 20.4
35 22.4
40 24.1
LIFE INSURANCE NEEDS ASSESSMENT
Table A Table B
Income Replacement Calculation
2017 Income Replacement and Estate Tax Analysis
Income:
1 Residence $
Full approximate fair market value of residence
2 Other real estate $
Investment property, vacation homes, etc.
(For jointly owned property with a non-spouse, list only your portion)
3 Value of all Motor Vehicles $
Includes automobiles, motor homes, motorcycles, trailers, boats, etc.
4 Tangible Personal Property $
Fair market value of all furniture, jewelry, art, collections, etc.
5 Non-Qualified Investments $
Includes all stocks, bonds, mutual funds, etc. (Do not include 401ks and IRAs)
6 Qualified Investments $
Includes all 401ks, IRAs, Roth IRAs, etc.
7 Cash $
Checking accounts, savings accounts, money market accounts, etc.
8 Life Insurance Policies $
List total life insurance policy death benefit
9 Business Interests $
Includes stock in S corporations and C corporations, partnership interests,
limited liability membership interests and sole proprieterships
10 Other Assets
Any assets not included in the previous nine line items $
11 Total Gross Estate Value - Add all values in lines 1 through 10 together $
12 Home Mortgage $
Includes primary mortgage plus line(s) of credit
13 Other Mortgages $
Includes primary mortgage plus any line(s) of credit
14 Auto Loans $
15 Student Loans $
16 Credit Card Debt $
17 Other Debt $
18 Total Debt - Add all values ...
Holt Enterprises recently paid a dividend D0 of 275 It .pdf
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects to have nonconstant growth of
16% for 2 years followed by a constant rate of 4% thereafter. The firm's required return is 20%. a.
How far away is the horizon date? I. The terminal, or horizon, date is the date when the growth
rate becomes constant. This occurs at the beginning of Year 2. II. The terminal, or horizon, date is
the date when the growth rate becomes constant. This occurs at the end of Year 2. III. The
terminal, or horizon, date is infinity since common stocks do not have a maturity date. IV. The
terminal, or horizon, date is Year 0 since the value of a common stock is the present value of all
future expected dividends at time zero. V. The terminal, or horizon, date is the date when the
growth rate becomes nonconstant. This occurs at time zero. b. What is the firm's horizon, or
continuing, value? Do not round intermediate calculations. Round your answer to the nearest cent.
$ c. What is the firm's intrinsic value today, P0 ? Do not round intermediate calculations. Round
your answer to the nearest cent. $.
Financial Management Quiz 1Please follow all instructions .docx
Financial Management Quiz 1
Please follow all instructions very carefully. You need to return your answers to me no later than 12:00 noon on
Friday, October 14. If you respond after that time, you cannot get a grade higher than a B regardless of how many you
get correct. I will try to remember to send out a reminder in advance.
You may submit your answers in any of the following ways:
Mark up the quiz itself, scan it, and email it to me (do not use RED ink).
Fill out the answer sheet that is attached as a Word document and email it to me.
Make your own Excel or Word answer sheet and email it to me (do not use RED font).
Put your answers in the body of an email message (do not use RED font).
When you send me your email, please send it to [email protected] All
attachments must be in Word, Excel, or pdf, and must include your name.
Note that a multiple-choice question can have only ONE answer.
For each of the following, select TRUE or FALSE
1. The Internal Revenue Service is the department of the United States Government
responsible for passing tax laws.
TRUE FALSE
2. Of all the people involved in the creation and analysis of financial reports, the one least
likely to be presenting financial statements to the board of directors is the bookkeeper.
TRUE FALSE
3. Two major forms of accounting are cash basis and accrual basis. If the terms "accounts
receivable" or "accounts payable" appear on your balance sheet, you are using
the accrual basis of accounting.
TRUE FALSE
EXTRA CREDIT: Briefly explain "deferred income," giving an example from the world of the
performing arts.
For each of the following, select the best answer from a-d.
4. Which of the following statements is FALSE?
a. Your organization borrows $2,500,000 at an annual rate of 6%. If you pay no principal during
life of the loan, the annual interest cost on the loan is $150,000.
b. "Fixed assets" is another term for cash, accounts receivable, and other similar items of
property.
c. According to the textbook, a "Benefit Corporation" is not a tax-exempt nonprofit entity,
but it does include a social goal as well as a profit motive.
d. The bylaws of an organization specify which officers must be part of the organization's
governance. Another item that should be part of the bylaws is how many members of
the board of directors make up a quorum.
Page 1 of 4
5. Which of the following is TRUE?
a. On a Form 990, an organization's assets are divided into current assets and
non-current assets.
b. If a nonprofit has $1,500,000 in pledges receivable, and $500,000 of that amount is due
in the next 12 months, then $1,000,000 of the pledges will be counted in the
calculation of the organization's current ratio.
c. The most common kind of investments that nonprofits own are intended to produce
positive investment return. The earnings on investments, like a profit that comes
from having more operating revenue than expenses, are not subject to Federal income tax ...
(Multiple Choice) Purchasing an item of equipment for cash will .docx
(Multiple Choice)
Purchasing an item of equipment for cash will cause total assets, total liabilities, and stockholders’ equity to:
A.
increase, increase, and remain unchanged, respectively.
B.
remain unchanged, remain unchanged, and remain unchanged, respectively.
C.
increase, remain unchanged, and increase, respectively.
D.
increase, remain unchanged, and decrease, respectively.
E.
None of these.
(Multiple Choice)
Paying a previously recorded accounts payable will cause total assets, total liabilities, and stockholders' equity to:
A.
decrease, remain unchanged, and decrease, respectively.
B.
remain unchanged, remain unchanged, and decrease, respectively.
C.
remain unchanged, remain unchanged, and remain unchanged, respectively.
D.
decrease, decrease, and remain unchanged, respectively.
E.
None of these.
(Multiple Choice)
Which of the following is considered a revenue item?
A.
Proceeds of a bank loan.
B.
Investments by owner.
C.
Sales on account.
D.
All of these.
E.
None of these.
(Multiple Choice)
Which of the following would not cause stockholders' equity to fluctuate?
A.
Investments by shareholders.
B.
Dividends.
C.
Providing services at a profit or loss.
D.
Collection of accounts receivable.
E.
None of these.
(Multiple Choice)
Assume beginning assets of $60,000, ending assets of $80,000, a $10,000 decrease in liabilities, and ending stockholders' equity of $45,000.
If dividends exceeded capital stock issuances by $20,000, how much was net income for the period?
A.
$15,000.
B.
$30,000.
C.
$50,000.
D.
Cannot be determined from the information given.
E.
None of these.
(Essay)
Microtel began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Microtel had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Microtel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end.
During 20X6, $1,000 cash was disbursed as dividends.
The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year.
How much were Microtel's total assets at year-end?
(Multiple Choice)
Of the following account types, which normally display a credit balance:
A.
Assets and expenses.
B.
Assets and stockholders' equity.
C.
Assets, revenues, and stockholders' equity.
D.
Liabilities and expenses.
E.
None of these.
(Multiple Choice)
The dividend account:
A.
is an expense account.
B.
appears on the income statement.
C.
appears on the statement of retained earnings.
D.
normally has a credit balance.
E.
None of these.
(Multiple Choice)
Richards billed patients for $12,000 of services rendered.
The appropriate journal entry to record this transaction is:
A.
Debit Cash/Credit Revenue.
B.
Debit Accounts Receivable/Credit Revenue.
C.
Debit Revenue/Credit Cash.
D.
Debit .
Webster’s dictionary defines synthesisas The combining of separa.docx
Webster’s dictionary defines synthesisas: “The combining of separate elements or substances to form a coherent whole”. Throughout the journals in this course you will have the opportunity to synthesize each chapter, or, as Webster would say, combine elements of the chapter you think were especially poignant to form a short paragraph that captures it as a whole. Your synthesis of Chapter Two should be between 200-300 words, be written in only your words (i.e., no quotes, paraphrase, etc.), and capture the essence (essential points) of the chapter concepts.
After reading Chapter 2, I am more aware of how important it is to make sure that all children
have the opportunity to learn in all the different categories of styles. All children are different
and come from different backgrounds and lifestyles therefore it is up to the teacher to really get
to know who he/she is teaching so that lesson plans can be completed to fit every student. Even
though students learn at different levels they can all finish a school year in the same place if the
teacher stays on top of things. Part of planning lessons is to know what interests your students
and then plan from there. The curriculum is set at the beginning of the year for the grade levels
but the teacher can change things around to make it more interesting for the students and keep
them focused. In am big on students working in groups reason being is that they can excel in
groups. The children that are ready to move ahead in certain areas can do so and the children that
need a little additional help can also get that.
LESSON 1
1. Which of the following would result in a decrease in cash flow and a use of cash?
A. A decrease in notes payable
B. An increase in long-term debt
C.A decrease in inventory
D. A decrease in common stock
2. In the United States, for the 2007 tax year, federal corporate income tax rates never exceeded an average rate of
A. 15%. C. 39%.
B. 35%. D. 34%.
3. A firm has assets of $60,000 and owners’ equity of $33,000. Which of the following is the correct balance of the firm’s liabilities?
A. $33,000 C. $93,000
B. $27,000 D. $60,000
4. Which of the following would result in an increase in cash flow and a source of cash?
A. A decrease in notes payable
B. A decrease in long-term debt
C. An increase in inventory
D. An increase in common stock
5. A firm has current assets of $10,000 and current liabilities of $7,000. Which of the following is the correct net working capital for the firm?
A. $10,000 C. $3,000
B. $7,000 D. $13,000
6. If a firm has an accounts receivable balance of $18,800 at the end of 2007 and $16,500 at the end of 2008, which of the following statements about accounts receivable is correct?
A. Accounts receivable decreased by $2,300 and represented a use of cash.
B. Accounts receivable increased by $2,300 and represented a source of cash.
C. Accounts receivable decreased by $2,300 and represented a source of cash.
D. Accounts receivable increased by $2,300 an.
Acct 567 week 8 final exams(uophelp)
ACCT 567 Week 8 Final Exams
ACCT 567 Week 7 Problems 16
ACCT 567 Week 6 Problem 12
ACCT 567 Week 5 Test All Questions and Answers
ACCT 567 Week 5 Problems 8
ACCT 567 Week 5 Homework Case study
ACCT 567 Week 5 Case Study City of Shipley
ACCT 567 Week 4 Problems 7
ACCT 567 Week 4 Midterm Exam
ACCT 567 Week 3 Problems 5
ACCT 567 Week 2 Problems 3
ACCT 567 Week 2 Case Study I
ACCT 567 Week 1 Exercises
ACCT 567 Entire Course
Accounting for Business Major Assignment SP1 2015 Instructions.docx
Accounting for Business Major Assignment SP1 2015 Instructions
Due Date Thursday 7th May 2015 1.00pm Assignments must be submitted through the Turnitin link on the subject portal
Groups up to 3 students maximum are permitted.
Assignment must be in word format only.
All calculations and workings must be shown to receive any marks for each question
Do not include the question in your answers!
Question 1
Bill Smith has started a lawn mowing business (Bill’s Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in five months. Bill has never owned or run a business before. To start the business on 1 February 2014, he deposited $3,600 into a new bank account opened in the name of the business. The $3,600 consisted of a $3000 interest free loan from his Uncle (to be repaid in full over 2 years in equal amounts at the end of each month) and $600 of his own money. Bill rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns.
At the end of each month Bill sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers.
At 30 June, Bill’s business account cheque book shows a balance of $2,245, and his customers still owe him $750. During the period, he collected $5,800 from customers. His cheque book lists payments for supplies totalling $550, and he still has fuel and supplies that cost a total of $75 on hand. He paid his employees $3,200, and he still owes them $620 for their final week of work.
Bill rented some equipment from Kennard’s Hire. On 1 February, he signed a six-month rental agreement on lawnmowers and paid $1050 for the full period. Kennard’s Hire will refund the unused portion of the prepayment if the equipment is in good order when he returns it. In order to get the refund, Bill has kept the equipment in excellent condition. In fact during May paid $310 to repair one of the mowers.
To transport employees and equipment to jobs, Bill used a trailer that he bought for $780. He believes that the period’s work used up one-quarter of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Bill during the period, in addition he has a diary entry indicating that he also used $35 worth of fuel for his own vehicle.
Bill estimates that he spent approximately 45 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from.
Required
1. Prepare the business Income Statement for the period.
(9 marks)
2. Prepare the classified Balance Sheet at the end of the period.
(11.
Suppose the nation of Isoland is an importer of textlies and is looki.pdf
Suppose the nation of Isoland is an importer of textlies and is looking for a way to raise
government revenue, The following graph shows the effect of a tariff on textlle imports.
Having rejected a tariff on textiles (a tax on imports), the president of Isoland is now considering
the same-sized tax on textile consumption (including both imported and domestically produced
textlles). Under a textile consumption tax, the quantity of textiles consumed in Isoland wilt be
the quantity consumed under a tariff, and the quantity produced in Isoland will be the quantity
produced under a tariff. The following table shows the effect of an import tariff on the nation of
isoland. Complete the remaining columns of the following table by indicating the effect of the
same-sized tax on textile consumption. Compared to the consumption tax, the tariff raises.
revenue for the government and has deadweight loss associated with it..
Sunland Company has a balance in its Accounts Receivable control acco.pdf
Sunland Company has a balance in its Accounts Receivable control account of $11,100 on
January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance
$4,100; Cuddyer Company, balance $2,600; and Freeze Company. During January. the following
receivable-related transactions occurred. (a) What is the January 1 balance in the Freeze
Company subsidiary account? Balance in the Freeze Company subsidiary account eTextbook
and Media Attempts: 0 of 5 used (b) What is the January 31 balance in the control account?
Balance in the control account
Compute the balances in the subsidiary accounts at the end of the month. eTextbook and Media
(d) Which January transaction would not be recorded in a special journal?.
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FINC355 Professor Goohs – Retirement and Estate Planning Quiz .docx
FINC355 Professor Goohs – Retirement and Estate Planning
Quiz 4
NAME ____________________________ Due Date: June 29, 2014 (in assignment folder)
Please provide name above and provide answers in the chart below and submitting homework in MS Word in assignment folder for Quiz 4. (I’ll deduct points if you don’t).
Problem
Answer
Example
A
1
21
2
22
3
23
4
24
5
25
6
26
7
27
8
28
9
29
10
30
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1.
Which of the following is true about employer contributions to a money purchase plan?
A. contributions cannot exceed 30% of an employee’s compensation
B. in 2013, the maximum dollar amount of annual contributions to an employee’s account cannot exceed $90,000
C. plan contributions go into a pooled account rather than into individual employee accounts
D. plan benefits accumulate in individual employee accounts, which will be available at retirement or termination of employment
2. Which of the following may be considered a disadvantage for employees of money purchase pension plans?
A. employees bear investment risk under the plan
B. employers bear investment risk under the plan
C. plan distributions may be eligible for the 10-year special averaging computation
D. good investment results increase plan benefits
3. A self-employed person with less than 10 employees can use a money purchase plan to fund his or her own retirement.
A. True
B. False
4. The IRS generally allows money purchase plans to provide for “in-service distributions”—that is, benefits payable before termination of employment.
A. True
B. False
5. The owner of Whitney Corporation, Inc., earned $250,000 in 2013. In the same year, three highly compensated employees earned $100,000 each. The remaining 30 line workers earn about $20,000 each, for a total payroll of $600,000 for this group of workers. Whitney Corporation made the maximum allowable contribution to each employee’s money purchase plan in 2013. In 2013, what was the total amount that Whitney Corporation contributed to their money purchase plan?
A. $51,000
B. $150,000
C. $225,000
D. $276,000
E. $318,000
[calculated as $51,000 + .25(100,000) +.25(100,000) + .25(100,000) + .25(600,000); the owner’s contribution is capped at $51,000 (in 2013) because 25% of $250,000 is greater than the $51,000 statutory limit; the maximum contribution for all other workers is 25% of their compensation, 25% of ($300,000 + $600,000)]
6. Which one of the following provides the greatest amount of flexibility for employer profit sharing plan contributions?
A. a discretionary provision
B. a formula provision
C. a money purchase paired plan provision
D. a target benefit provision
7. After the minimum two-year holding requirement, what amounts may be withdrawn from a participant’s profit sharing plan account prior to retirement or termination?
A. 100% of account assets
B. no more than 25% of the account’s current value
C. an amount not to ...
Lesson 1Financial AccountingWhen you feel confident that y.docx
Lesson 1
Financial Accounting
When you feel confident that you have mastered the material in
Lesson 1, go to http://www.takeexamsonline.com and submit
your answers online. If you don’t have access to the Internet,
you can phone in or mail in your exam. Submit your answers for
this examination as soon as you complete it.
Do not wait until
another examination is ready.
1. When planning for retirement, _______ assess the company’s
ability to offer long-term job prospects and an attractive
retirement benefits package.
A.
social clubs
C.
state governments
B.
not-for-profit entities
D.
employees
2. Which of the following is
not
a kind of accounting considered
in your textbook?
A.
Financial
C.
National
B.
Managerial
D.
Public
3. Which classification of accounting is
most
concerned with the
use of economic and financial information to plan and control
many of the activities of the entity?
A.
Managerial
C.
Financial
B.
Public
D.
Income tax
4. Cost accounting is a subset of
A.
internal auditing.
C.
cost analysis.
B.
public auditing.
D.
managerial accounting.
5. During the 1970–1980 period, the _______ operated as a governmental body to
establish standards applicable to government contracts. It was abolished in 1981,
although its standards remained in effect.
A.
NASB
C.
CASB
B.
CANN
D.
AICPA
6. The balance sheet equation can be represented by all of the following
except
which
one?
A.
A = L + OE
B.
Assets – Liabilities = Owners’ Equity
C.
Net Assets = Owners’ Equity
D.
A = L – OE
7. The time frame associated with an income statement is a
A.
point in time in the past.
B.
past period of time.
C.
future period of time.
D.
function of the information included in it.
8. On January 31, an entity’s balance sheet showed total assets of $750 and liabilities of
$250. Owners’ equity at January 31 was
A.
$250.
C.
$750.
B.
$500.
D.
$1,000.
9. The return on investment measure of performance
A.
isn’t as important a measure of management effectiveness as the amount of net
income.
B.
relates dividends paid to the entity’s assets.
C.
involves net income divided by sales, which is called
margin.
D.
is calculated by dividing average assets for a period by the amount of net income
for the period.
10. Rate of return and _______ related to an investment go hand in hand.
A.
asset assessment
C.
falling interest
B.
riskiness
D.
time signature
11. An advantage of the DuPont model for calculating ROI is that it
A.
focuses on asset utilization as well as net income.
B.
is easier to use than the straightforward ROI formula.
C.
uses average assets, and the straightforward ROI formula doesn’t.
D.
uses owners’ equity.
12. Which of the following
best
states what return on equity is?
A.
It will be the same as return on investment.
B.
It relates dividends and turnover.
C.
It relates dividends and owners’ equity.
D.
It relates net income a.
Holt Enterprises recently paid a dividend, D0, of $2.25. It expects t.pdf
Holt Enterprises recently paid a dividend, D0, of $2.25. It expects to have nonconstant growth of
23% for 2 years followed by a constant rate of 10% thereafter. The firm's required return is 17%.
a. How far away is the horizon date? I. The terminal, or horizon, date is infinity since common
stocks do not have a maturity date. II. The terminal, or horizon, date is Year 0 since the value of
a common stock is the present value of all future expected dividends at time zero. III. The
terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at
time zero. IV. The terminal, or horizon, date is the date when the growth rate becomes constant.
This occurs at the beginning of Year 2. V. The terminal, or horizon, date is the date when the
growth rate becomes constant. This occurs at the end of Year 2. b. What is the firm's horizon, or
continuing, value? Do not round intermediate calculations. Round your answer to the nearest
cent. $ c. What is the firm's intrinsic value today, P0 ? Do not round intermediate calculations.
Round your answer to the nearest cent. $.
2IIM CAT Interview Prep - Economics - National Accounts, Deficits
A presentation explaining fiscal deficit, revenue deficit and primary deficit
1 Total annual income your family would need if you died today.docx
1 Total annual income your family would need if you died today $
What your family needs, before taxes, to maintain its current standard of living
(Typically between 60% - 75% of total income)
2 Annual income your family would receive from other sources $
Spouse's earnings, fixed pension, etc. (Do not include earned income on assets)
3 Income to be replaced - Subtract line 2 from line 1 $
4 Capital needed for income - Multiply line 3 by appropriate factor in Table A $
Expenses:
5 Funeral and other final expenses $
Typically the greater of $15,000 or 4% of the estate value
6 Mortgage and other outstanding debts $
Include mortgage balance, credit card debt, car loans, etc.
7 College costs for children, in today's dollars $
Average 4-year cost per child: State college - $80,360 * (in-state resident)
Private college - $181,480 *
* Includes tuition, fees, room and board
8 Capital needed for college - Multiply line 7 by the appropriate factor in Table B $
9 Total capital required - Add lines 4, 5, 6 and 8 $
Assets:
10 Savings and investments $
Bank accounts, money market accounts, CDs, stocks, bonds, mutual funds, etc.
11 Retirement savings $
IRAs, 401(k)s, Keoghs, pension and profit sharing plans
12 Present amount of life insurance $
13 Total income producing assets - Add lines 10, 11 and 12 $
14 Life insurance needed - Subtract line 13 from line 9 $
Years income needed Factor Years before college Factor
10 8.8 5 0.95
15 12.4 10 0.91
20 15.4 15 0.86
25 18.1 20 0.82
30 20.4
35 22.4
40 24.1
LIFE INSURANCE NEEDS ASSESSMENT
Table A Table B
Income Replacement Calculation
2017 Income Replacement and Estate Tax Analysis
Income:
1 Residence $
Full approximate fair market value of residence
2 Other real estate $
Investment property, vacation homes, etc.
(For jointly owned property with a non-spouse, list only your portion)
3 Value of all Motor Vehicles $
Includes automobiles, motor homes, motorcycles, trailers, boats, etc.
4 Tangible Personal Property $
Fair market value of all furniture, jewelry, art, collections, etc.
5 Non-Qualified Investments $
Includes all stocks, bonds, mutual funds, etc. (Do not include 401ks and IRAs)
6 Qualified Investments $
Includes all 401ks, IRAs, Roth IRAs, etc.
7 Cash $
Checking accounts, savings accounts, money market accounts, etc.
8 Life Insurance Policies $
List total life insurance policy death benefit
9 Business Interests $
Includes stock in S corporations and C corporations, partnership interests,
limited liability membership interests and sole proprieterships
10 Other Assets
Any assets not included in the previous nine line items $
11 Total Gross Estate Value - Add all values in lines 1 through 10 together $
12 Home Mortgage $
Includes primary mortgage plus line(s) of credit
13 Other Mortgages $
Includes primary mortgage plus any line(s) of credit
14 Auto Loans $
15 Student Loans $
16 Credit Card Debt $
17 Other Debt $
18 Total Debt - Add all values ...
Holt Enterprises recently paid a dividend D0 of 275 It .pdf
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects to have nonconstant growth of
16% for 2 years followed by a constant rate of 4% thereafter. The firm's required return is 20%. a.
How far away is the horizon date? I. The terminal, or horizon, date is the date when the growth
rate becomes constant. This occurs at the beginning of Year 2. II. The terminal, or horizon, date is
the date when the growth rate becomes constant. This occurs at the end of Year 2. III. The
terminal, or horizon, date is infinity since common stocks do not have a maturity date. IV. The
terminal, or horizon, date is Year 0 since the value of a common stock is the present value of all
future expected dividends at time zero. V. The terminal, or horizon, date is the date when the
growth rate becomes nonconstant. This occurs at time zero. b. What is the firm's horizon, or
continuing, value? Do not round intermediate calculations. Round your answer to the nearest cent.
$ c. What is the firm's intrinsic value today, P0 ? Do not round intermediate calculations. Round
your answer to the nearest cent. $.
Financial Management Quiz 1Please follow all instructions .docx
Financial Management Quiz 1
Please follow all instructions very carefully. You need to return your answers to me no later than 12:00 noon on
Friday, October 14. If you respond after that time, you cannot get a grade higher than a B regardless of how many you
get correct. I will try to remember to send out a reminder in advance.
You may submit your answers in any of the following ways:
Mark up the quiz itself, scan it, and email it to me (do not use RED ink).
Fill out the answer sheet that is attached as a Word document and email it to me.
Make your own Excel or Word answer sheet and email it to me (do not use RED font).
Put your answers in the body of an email message (do not use RED font).
When you send me your email, please send it to [email protected] All
attachments must be in Word, Excel, or pdf, and must include your name.
Note that a multiple-choice question can have only ONE answer.
For each of the following, select TRUE or FALSE
1. The Internal Revenue Service is the department of the United States Government
responsible for passing tax laws.
TRUE FALSE
2. Of all the people involved in the creation and analysis of financial reports, the one least
likely to be presenting financial statements to the board of directors is the bookkeeper.
TRUE FALSE
3. Two major forms of accounting are cash basis and accrual basis. If the terms "accounts
receivable" or "accounts payable" appear on your balance sheet, you are using
the accrual basis of accounting.
TRUE FALSE
EXTRA CREDIT: Briefly explain "deferred income," giving an example from the world of the
performing arts.
For each of the following, select the best answer from a-d.
4. Which of the following statements is FALSE?
a. Your organization borrows $2,500,000 at an annual rate of 6%. If you pay no principal during
life of the loan, the annual interest cost on the loan is $150,000.
b. "Fixed assets" is another term for cash, accounts receivable, and other similar items of
property.
c. According to the textbook, a "Benefit Corporation" is not a tax-exempt nonprofit entity,
but it does include a social goal as well as a profit motive.
d. The bylaws of an organization specify which officers must be part of the organization's
governance. Another item that should be part of the bylaws is how many members of
the board of directors make up a quorum.
Page 1 of 4
5. Which of the following is TRUE?
a. On a Form 990, an organization's assets are divided into current assets and
non-current assets.
b. If a nonprofit has $1,500,000 in pledges receivable, and $500,000 of that amount is due
in the next 12 months, then $1,000,000 of the pledges will be counted in the
calculation of the organization's current ratio.
c. The most common kind of investments that nonprofits own are intended to produce
positive investment return. The earnings on investments, like a profit that comes
from having more operating revenue than expenses, are not subject to Federal income tax ...
(Multiple Choice) Purchasing an item of equipment for cash will .docx
(Multiple Choice)
Purchasing an item of equipment for cash will cause total assets, total liabilities, and stockholders’ equity to:
A.
increase, increase, and remain unchanged, respectively.
B.
remain unchanged, remain unchanged, and remain unchanged, respectively.
C.
increase, remain unchanged, and increase, respectively.
D.
increase, remain unchanged, and decrease, respectively.
E.
None of these.
(Multiple Choice)
Paying a previously recorded accounts payable will cause total assets, total liabilities, and stockholders' equity to:
A.
decrease, remain unchanged, and decrease, respectively.
B.
remain unchanged, remain unchanged, and decrease, respectively.
C.
remain unchanged, remain unchanged, and remain unchanged, respectively.
D.
decrease, decrease, and remain unchanged, respectively.
E.
None of these.
(Multiple Choice)
Which of the following is considered a revenue item?
A.
Proceeds of a bank loan.
B.
Investments by owner.
C.
Sales on account.
D.
All of these.
E.
None of these.
(Multiple Choice)
Which of the following would not cause stockholders' equity to fluctuate?
A.
Investments by shareholders.
B.
Dividends.
C.
Providing services at a profit or loss.
D.
Collection of accounts receivable.
E.
None of these.
(Multiple Choice)
Assume beginning assets of $60,000, ending assets of $80,000, a $10,000 decrease in liabilities, and ending stockholders' equity of $45,000.
If dividends exceeded capital stock issuances by $20,000, how much was net income for the period?
A.
$15,000.
B.
$30,000.
C.
$50,000.
D.
Cannot be determined from the information given.
E.
None of these.
(Essay)
Microtel began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Microtel had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Microtel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end.
During 20X6, $1,000 cash was disbursed as dividends.
The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year.
How much were Microtel's total assets at year-end?
(Multiple Choice)
Of the following account types, which normally display a credit balance:
A.
Assets and expenses.
B.
Assets and stockholders' equity.
C.
Assets, revenues, and stockholders' equity.
D.
Liabilities and expenses.
E.
None of these.
(Multiple Choice)
The dividend account:
A.
is an expense account.
B.
appears on the income statement.
C.
appears on the statement of retained earnings.
D.
normally has a credit balance.
E.
None of these.
(Multiple Choice)
Richards billed patients for $12,000 of services rendered.
The appropriate journal entry to record this transaction is:
A.
Debit Cash/Credit Revenue.
B.
Debit Accounts Receivable/Credit Revenue.
C.
Debit Revenue/Credit Cash.
D.
Debit .
Webster’s dictionary defines synthesisas The combining of separa.docx
Webster’s dictionary defines synthesisas: “The combining of separate elements or substances to form a coherent whole”. Throughout the journals in this course you will have the opportunity to synthesize each chapter, or, as Webster would say, combine elements of the chapter you think were especially poignant to form a short paragraph that captures it as a whole. Your synthesis of Chapter Two should be between 200-300 words, be written in only your words (i.e., no quotes, paraphrase, etc.), and capture the essence (essential points) of the chapter concepts.
After reading Chapter 2, I am more aware of how important it is to make sure that all children
have the opportunity to learn in all the different categories of styles. All children are different
and come from different backgrounds and lifestyles therefore it is up to the teacher to really get
to know who he/she is teaching so that lesson plans can be completed to fit every student. Even
though students learn at different levels they can all finish a school year in the same place if the
teacher stays on top of things. Part of planning lessons is to know what interests your students
and then plan from there. The curriculum is set at the beginning of the year for the grade levels
but the teacher can change things around to make it more interesting for the students and keep
them focused. In am big on students working in groups reason being is that they can excel in
groups. The children that are ready to move ahead in certain areas can do so and the children that
need a little additional help can also get that.
LESSON 1
1. Which of the following would result in a decrease in cash flow and a use of cash?
A. A decrease in notes payable
B. An increase in long-term debt
C.A decrease in inventory
D. A decrease in common stock
2. In the United States, for the 2007 tax year, federal corporate income tax rates never exceeded an average rate of
A. 15%. C. 39%.
B. 35%. D. 34%.
3. A firm has assets of $60,000 and owners’ equity of $33,000. Which of the following is the correct balance of the firm’s liabilities?
A. $33,000 C. $93,000
B. $27,000 D. $60,000
4. Which of the following would result in an increase in cash flow and a source of cash?
A. A decrease in notes payable
B. A decrease in long-term debt
C. An increase in inventory
D. An increase in common stock
5. A firm has current assets of $10,000 and current liabilities of $7,000. Which of the following is the correct net working capital for the firm?
A. $10,000 C. $3,000
B. $7,000 D. $13,000
6. If a firm has an accounts receivable balance of $18,800 at the end of 2007 and $16,500 at the end of 2008, which of the following statements about accounts receivable is correct?
A. Accounts receivable decreased by $2,300 and represented a use of cash.
B. Accounts receivable increased by $2,300 and represented a source of cash.
C. Accounts receivable decreased by $2,300 and represented a source of cash.
D. Accounts receivable increased by $2,300 an.
Acct 567 week 8 final exams(uophelp)
ACCT 567 Week 8 Final Exams
ACCT 567 Week 7 Problems 16
ACCT 567 Week 6 Problem 12
ACCT 567 Week 5 Test All Questions and Answers
ACCT 567 Week 5 Problems 8
ACCT 567 Week 5 Homework Case study
ACCT 567 Week 5 Case Study City of Shipley
ACCT 567 Week 4 Problems 7
ACCT 567 Week 4 Midterm Exam
ACCT 567 Week 3 Problems 5
ACCT 567 Week 2 Problems 3
ACCT 567 Week 2 Case Study I
ACCT 567 Week 1 Exercises
ACCT 567 Entire Course
Accounting for Business Major Assignment SP1 2015 Instructions.docx
Accounting for Business Major Assignment SP1 2015 Instructions
Due Date Thursday 7th May 2015 1.00pm Assignments must be submitted through the Turnitin link on the subject portal
Groups up to 3 students maximum are permitted.
Assignment must be in word format only.
All calculations and workings must be shown to receive any marks for each question
Do not include the question in your answers!
Question 1
Bill Smith has started a lawn mowing business (Bill’s Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in five months. Bill has never owned or run a business before. To start the business on 1 February 2014, he deposited $3,600 into a new bank account opened in the name of the business. The $3,600 consisted of a $3000 interest free loan from his Uncle (to be repaid in full over 2 years in equal amounts at the end of each month) and $600 of his own money. Bill rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns.
At the end of each month Bill sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers.
At 30 June, Bill’s business account cheque book shows a balance of $2,245, and his customers still owe him $750. During the period, he collected $5,800 from customers. His cheque book lists payments for supplies totalling $550, and he still has fuel and supplies that cost a total of $75 on hand. He paid his employees $3,200, and he still owes them $620 for their final week of work.
Bill rented some equipment from Kennard’s Hire. On 1 February, he signed a six-month rental agreement on lawnmowers and paid $1050 for the full period. Kennard’s Hire will refund the unused portion of the prepayment if the equipment is in good order when he returns it. In order to get the refund, Bill has kept the equipment in excellent condition. In fact during May paid $310 to repair one of the mowers.
To transport employees and equipment to jobs, Bill used a trailer that he bought for $780. He believes that the period’s work used up one-quarter of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Bill during the period, in addition he has a diary entry indicating that he also used $35 worth of fuel for his own vehicle.
Bill estimates that he spent approximately 45 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from.
Required
1. Prepare the business Income Statement for the period.
(9 marks)
2. Prepare the classified Balance Sheet at the end of the period.
(11.
Similar to Retirement plannime Bound the answers to the nearest dollar. Akcuind .pdf (20)
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects t.pdf
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects t.pdf
Concord Coalition: The Current US Fiscal Situation (October 2020)
Concord Coalition: The Current US Fiscal Situation (October 2020)
FINC355 Professor Goohs – Retirement and Estate Planning Quiz .docx
FINC355 Professor Goohs – Retirement and Estate Planning Quiz .docx
Lesson 1Financial AccountingWhen you feel confident that y.docx
Lesson 1Financial AccountingWhen you feel confident that y.docx
Holt Enterprises recently paid a dividend, D0, of $2.25. It expects t.pdf
Holt Enterprises recently paid a dividend, D0, of $2.25. It expects t.pdf
Linkedin francic chimenti planning for retirement -
Linkedin francic chimenti planning for retirement -
2IIM CAT Interview Prep - Economics - National Accounts, Deficits
2IIM CAT Interview Prep - Economics - National Accounts, Deficits
1 Total annual income your family would need if you died today.docx
1 Total annual income your family would need if you died today.docx
Holt Enterprises recently paid a dividend D0 of 275 It .pdf
Holt Enterprises recently paid a dividend D0 of 275 It .pdf
Financial Management Quiz 1Please follow all instructions .docx
Financial Management Quiz 1Please follow all instructions .docx
(Multiple Choice) Purchasing an item of equipment for cash will .docx
(Multiple Choice) Purchasing an item of equipment for cash will .docx
Webster’s dictionary defines synthesisas The combining of separa.docx
Webster’s dictionary defines synthesisas The combining of separa.docx
Accounting for Business Major Assignment SP1 2015 Instructions.docx
Accounting for Business Major Assignment SP1 2015 Instructions.docx
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Suppose the nation of Isoland is an importer of textlies and is looki.pdf
Suppose the nation of Isoland is an importer of textlies and is looking for a way to raise
government revenue, The following graph shows the effect of a tariff on textlle imports.
Having rejected a tariff on textiles (a tax on imports), the president of Isoland is now considering
the same-sized tax on textile consumption (including both imported and domestically produced
textlles). Under a textile consumption tax, the quantity of textiles consumed in Isoland wilt be
the quantity consumed under a tariff, and the quantity produced in Isoland will be the quantity
produced under a tariff. The following table shows the effect of an import tariff on the nation of
isoland. Complete the remaining columns of the following table by indicating the effect of the
same-sized tax on textile consumption. Compared to the consumption tax, the tariff raises.
revenue for the government and has deadweight loss associated with it..
Sunland Company has a balance in its Accounts Receivable control acco.pdf
Sunland Company has a balance in its Accounts Receivable control account of $11,100 on
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Smart Grid Communication Networks and Security Implications The.pdf
Smart Grid Communication Networks and Security Implications
The Smart Grid, a pivotal technology underpinning modern energy infrastructure, integrates
various communication networks to enhance its efficiency and responsiveness [1].
Predominantly, it comprises three primary networks: the Home Area Network (HAN), Neighbor
Area Network (NAN), and Wide Area Network (WAN) [8].
Recent research elucidates the configurations of these networks, especially the HAN [3]. One
proposed architecture involves a smart meter directly monitoring household appliances to
optimize grid management [5]. A notable limitation of this approach is the requirement for all
devices to employ a uniform networking protocol, potentially leading to compatibility issues [4].
To address these concerns, an alternative architecture has been proposed [8]. Here, devices
interface with the smart meter through a gateway, which acts as a mediator [6]. This design
allows for diverse communication protocols, enhancing system flexibility.
Figure 1 shows a simplified model of the Smart Grid communication network, factoring in the
gateway mechanism [7]. In this representation, each household mirrors a house in the actual
power grid. The model further groups these households into discrete clusters, analogous to the
clustering of residences in the real-world grid.
Each household in this model incorporates five smart appliances: a smart TV, thermostat, robot
vacuum cleaner, light, and an IP camera. The gateway, situated within each household, processes
messages from these appliances, selectively forwarding pertinent data to the smart meter. This
data then travels to the area concentrator. The model features five such concentrators, each
corresponding to distinct areas: A through E. These concentrators relay the information to a
central concentrator. Subsequently, the aggregated data converges at the SCADA system, which,
for the context of this study, remains outside the scope of discussion [13].
For organizational coherence, every device or node possesses a unique ID, derived from a
combination of device type, area, and household number. For instance, a smart TV in the first
house of area A would be labeled as TVA1. By extension, other devices in the same household
would have labels such as ThermostatA1, CleanerA1, and so forth. The
area-specific concentrators are denoted as ConcentratorA to ConcentratorE, and the central entity
is labeled as the Central Concentrator.
The data flowing through the Smart Grid's communication networks offers manifold utilities [4].
Utility companies can leverage this data for demand forecasting, ensuring grid reliability, and
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models, facilitate remote grid monitoring, and enhance customer service [9]. Additionally, the
data can guide infrastructure development, bolster security measures, and aid in the integration
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Ensuring the confidentialit.
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voting data in a key/value pair data structure and stores the information non-perpetually.
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track everyone on your laptop. So, you seek to create a small frontend interface using Python.
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The assets of the component were sold on September 30,2024 , for $52,000 less than their book
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inventory was written down to its scrap value of $5,000. 3. Income taxes have not yet been
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tep 2: Display the switch MAC address table. Console into your switch and view the MAC
address table before and after running network communication lests with ping. a) Establish a
console connection to your switch and enter privileged EXEC mode. b) In privileged EXEC
mode, type the show mac address-table command and press Enter. Switch-?\# show mac
address-table Even though no network communication has been initialed across the network (i.e.,
no use of ping), the switch may have learned MAC addresses from its connection to the PC and
the other switch. Are there any MAC addresses recorded in the MAC address table? What MAC
addresses are recorded in the table? To which switch ports are they mapped, and to which
devices do they belong? Ignore MAC addresses that are mapped to the CPU. If you had yet to
previously record the MAC addresses of network devices in Step 1, how could you tell which
devices the MAC addresses belong to, using only the output from the show mac address-table
command? Does it work in all scenarios? Step 3: Clear your Switch MAC address table and
display the MAC address table again. a. In privileged EXEC mode, type the clear mac address-
table dynamic command and press Enter.
Addressing Table Objectives Part 1: Build and Configure the Network Part 2: Examine the
Switch MAC Address Table Background / Scenario The purpose of a Layer 2 LAN switch is to
deliver Ethernet frames to host devices on the local network. The switch records host MAC
addresses that are visible on the network and maps those MAC addresses to its own Ethernet
switch ports. This process is called building the MAC address table. When a switch receives a
frame from a PC, it examines its source and destination MAC addresses. The source MAC
address is recorded and mapped to the switch port from which it arrived. Then, the destination
MAC address is looked up in the MAC address table. If the destination MAC address is a known
address, the frame is forwarded out of the corresponding switch port associated with that MAC
address. If the MAC address is unknown, the
c. From a console connection to your switch, enter the show mac address-table command. Has
the switch added additional MAC addresses to the MAC address table? If so, which addresses
and devices? d. From your PC, open a command prompt and retype arp - a. Does the ARP cache
have additional entries for all network devices that received pings? Reflection Question On
Ethernet networks, data is delivered to devices by their MAC addresses. For this to happen,
switches and PCs dynamically build ARP caches and MAC address tables. This process seems
easy with only a few computers on the network. What might be some of the challenges on more
extensive networks? Running-Config Output In privileged EXEC mode, type the show running-
configuration command and press Enter. Press the Space Bar until you get to the bottom of the
output. Copy all the configuration and paste it below.
Switch-?\# clear mac address-table dynamic .
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