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uranmaximum [27]
2 years ago
12

Suppose you have been employed for about a year and a half and have been offered a better job at a different employer. Assuming

you have been taking advantage of the matching 401k plan, what will happen to your 401k if you leave your current job before you are fully vested?
Business
1 answer:
Lyrx [107]2 years ago
4 0
It all depends on the plan document. The plan document will state the waiting period, which can be a year, a vesting schedule, and your rights.

So more information is needed to answer your question. I can say with reasonable assurance you will be entitled to 100% of the money you put directly into the plan. The waiting period and vesting schedule will decide how much you are entitled to of the employers money.
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Doogan Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct m
RSB [31]

Answer:

d. $1,540 F

Explanation:

The formula to compute the variable overhead efficiency variance is shown below:

= (Actual direct labor hours - standard direct labor hours) × variable overhead per hour

where,

Actual direct labor hours is 2,380

And, the standard direct labor hours equal to

= 5,200 units × 0.5

= 2,600 hours

Now put these values to the above formula  

So, the value would equal to

= (2,380 hours - 2,600 hours) × $7

= 1,540 favorable

5 0
2 years ago
Denton Company manufactures and sells a single product. Cost data for the product are given below:
marissa [1.9K]

Answer:

1. The unit product cost under absorption costing and variable costing.

Product Cost : Absorption Costing = $23,44

Product Cost : Variable Costing = $19.00

2. Contribution format variable costing income statements for July and August.

                                                                       July                 August

Sales                                                         1,196,000            1,612,000

Less Cost of Sales :                                 (437,000)             (513,000)

Opening Stock                                                0                      76,000

Add Production                                         513,000               513,000

Less Closing Stock                                   (76,000)               (76,000)

Contribution                                             759,000            1,099,000

Less Expenses :

Selling and administrative expenses

Variable :                                                   (23,000)               (21,000)

Fixed :                                                      (169,000)             (169,000)

Net operating income                             567,000              909,000

3. Reconcile the variable costing and absorption costing net operating income

                                                                          July                      August

Absorption costing net operating income   $584,760               $891,240

Add Fixed Costs in Opening Inventory                                          $17,760

Less Fixed Costs in Closing Inventory          ($17,760)

Variable costing net operating income       $567,000              $909,000

Explanation:

Product Cost : Absorption Costing = All Manufacturing Costs (Fixed and Variable)

                                                          = $5+$11+$3+($120,000/27,000)

                                                          = $5+$11+$3+$4.44

                                                          = $23,44

Product Cost : Variable Costing = Variable Manufacturing Costs

                                                     = $5+$11+$3

                                                     = $19.00

6 0
2 years ago
he cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry that would be necessary for
lozanna [386]

Solution:

(a) Cash to be accounted for exceeds cash on hand by $52.78.  

Cash to be accounted for is $7,146.30 .

That means cash on hand is short by $52.78.

Dr Cash                              $7,487.51

Dr Cash over and short       $57.71

Cr Sales                             $7,545.22

(b) Cash on hand exceeds cash to be accounted for by $29.45.

That means you have a cash overage of $29.45

Dr Cash               $7,590.10

Cr Sales                 $7,545.22

Cr Cash over and short $29.45

6 0
2 years ago
Brussels Enterprises issues bonds at par dated January 1, 2019, that have a $3,200,000 par value, mature in four years, and pay
Aleksandr [31]

Answer:

  • Brussels Enterprises issues bonds at par dated January 1, 2019    

 Debit  $3,200,000  Cash    

 Credit  $3,200,000  Bonds Payable  

   

  • Interest semiannually on June 30      

 Debit  $144,000  Bond Interest Expense  

 Credit  $144,000  Cash  

  • Interest semiannually on December 31      

 Debit  $144,000  Bond Interest Expense  

 Credit  $144,000  Cash  

   

  • Record the entry for the maturity of the bonds on December 31, 2022    

 Debit  $3,200,000  Bonds Payable  

 Credit  $144,000  Bond Interest Expense  

 Credit  $3,344,000  Cash  

Explanation:

At the moment of the company receive the money for the bonds issued, the company record the following journal entry:

Debit  $3,200,000  Cash    

Credit  $3,200,000  Bonds Payable  

Recognizing the money that the company get and the liabilities for the years to come on the Long Term Liabilities in the balance sheet, becuase it matures in 4 years.

  • When the company begins to pay the interest the company records the following entry:

Debit  $144,000  Bond Interest Expense  

Credit  $144,000  Cash  

The company recognizes the interest payment at each moment it occurs as expenses in the Income Statement.

At the maturity of the bonds the company reverse the entry made at the beginning when it receives the money and recognize the liabilities.

Now the journal entry is as follows:

Debit  $3,200,000  Bonds Payable  

Credit  $144,000  Bond Interest Expense  

Credit  $3,344,000  Cash  

4 0
2 years ago
"Preemptive rights" means that Multiple Choice existing shareholders can prevent management from issuing additional common stock
Ymorist [56]

Answer:

Preemptive rights mean:

  • existing shareholders are guaranteed an opportunity to retain their proportional share of ownership.
  • management can preempt the right of shareholders to receive dividends if earnings are down.

Explanation:

Preemptive rights are a clause in an option, security or merger agreement that gives the investor the right to maintain his or her percentage ownership of a company by buying a proportionate number of shares of any future issue of the security.

In that case,

  • existing shareholders are guaranteed an opportunity to retain their proportional share of ownership.
  • management can preempt the right of shareholders to receive dividends if earnings are down.
6 0
2 years ago
Read 2 more answers
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