I leave the cash balance deposited in the First National Bank (up to a total of $53,700) to Jack Abrams. I leave $18,100 cash toSuzanne Benton. I leave 1,220 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of myother assets and properties to Wilbur N. Ed."a. Assume that the estate has the following assets: $38,000 cash in the First National Bank, $16,900 cash in the New HampshireSavings and Loan, 930 shares of Coca-Cola stock, 1,390 shares of Xerox stock, a house, and other property valued at $15,000.What distributions will be made from this estate?b. Assume that the estate has the following assets: $58,000 cash in the First National Bank, $6,900 cash in the New HampshireSavings and Loan, 1,390 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $25,00O. Whatdistributions will be made from this estate?(Make estate distributions in the order mentioned in the question.)a. CashCashsharesCoca-Cola stockHouseOther propertyb. CashCashsharesCoca-Cola stockHouseOther propertyPrev1 of 3Next >MacBook Pro

Answered: I leave the cash balance deposited in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Timmy paid $800,000 cash for all of the assets of Bob’s Chicken Fried Steak Shack, Inc. (Bob’s). Timmy did not buy the stock of Bob’s; rather he bought all of Bob’s assets from Bob’s. Here is a list of the physical assets that Timmy got for his $800,000, showing the stand-alone FMV of each category:*** Land & Building, $350,000 Furniture & Equipment, $160,000 Inventory, $15,000 Bob’s latest property tax appraisal from Dallas County showed the land value at $150,000, the building at $100,000, the furniture and equipment at $75,000. What is Timmy’s depreciable basis in the building? What is Timmy’s depreciable basis in the furniture and equipment? What amount will Timmy eventually record as COGS with respect to the purchased inventory? How much, if any, goodwill did Timmy purchase? Address each item separately. (Each part must be correctly answered to earn a point for this item (3).) *** These FMVs are as agreed and stated in the negotiated Purchase Agreement.
5. Warren Peace passed away, with his will leaving the bulk of all his worldly possessions to his friend Leo. The following transactions occurred with respect to Warren's estate. 1. Warren's estate inventory included 10,000 shares of Newberry Industries, selling at the time of Warren's death at $56 per share. There were no outstanding dividends at the time Warren died, but two weeks later, a $1.00 per share dividend was declared. 2. Warren only designated one item that was not to be left to Leo. Warren's family had a signed, first-edition copy of a classic novel that was valued and included in the estate inventory at $67,000, which Warren left to the local library. The book is located and delivered. 3. Funeral expenses are paid in the amount of $7,880. 4. A statement comes from the insurance company indicating there are multiple charges from Warren's final hospital stay that will not be covered and are the responsibility of the estate. These fees amount to $39,000 and were not…
Mr. Sadiq died on 5 May 2020, leaving an estate comprising: 10,000 ABC plc shares, valued at £24,400 wife Main residence worth £350,000 Son Investment property valued at £84,000 Daughter 1,000 XYZ Investment Ltd shares valued at £68,000 Mr Sadiq had an outstanding unsecured loan of £5,750 to his bank at the time of his death. Mr. Sadiq left a will directing that his wife should take the ABC plc shares, the main residence should go to his son and the rest of his estate should go to his daughter. He had made one gross chargeable transfer during his lifetime in 2014 of £232,000. Required Show the IHT payable on Sadiq's estate.
When Alex Trebeck died, the total FMV of his property was $125 million and his debts totaled $5 million. His executor paid $500,000 of funeral expenses and $1,500,000 of accounting and legal fees to settle the estate. Mr. Trebeck bequeathed $10 million to Cornell University, $5 million to his church, and left $35 million to his surviving spouse. He left the remainder of his estate to his children. Compute Mr. Trebeck's taxable estate. (Enter your answer as an exact number - do not use the word "millions")
3
! 2 ed ok t Required information [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,040,000 24,200,000 72,500,000 15,200,000 $ 112,940,000 $ 3,400,000 4,300,000 $ 7,700,000 ces a. Tom made a taxable gift of $5.30 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Estate Tax Due
Bernstein invests office equipment with a fair market value of $62,000, delivery equipment with a fair market value of $75,000, and cash of $30,000. He owes $27,000, represented by a note on the delivery equipment. The amount of Bernsteins' capital would be a.$140,000. b.$30,000. c.$167,000. d.$137,000.
S Robert owns a $187,000 town house and still has an unpaid mortgage of $119,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa MasterCard Discover card Education loan Personal bank loan Auto loan Total Robert's net worth (not including his home) is about $24,100. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. $ 595 527 399 994 838 5,170 $ 8,523 a. What is Robert's debt-to-equity ratio? Note: Round your answer to 2 decimal places. Debt-to-equity ratio b. Has he reached the upper limit of debt obligations? Yes
5. Help me selecting the right answer. Thank you
35.
Jordan Harris owns a vehicle worth $ 20,000 and a home worth $230,000. He has a checking account balance of $1,000, a savings account balance of $1,000, and a mutual fund worth $ 75,000. His personal assets are worth $100,000. He still owes $ 10,000 on his car, $101,000 on his home, and $1,000 on his credit card. What is Jordan's net worth? Multiple Choice $538, 000 $427,000 $315,000 $112,000 $136, 000

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