In March, Adrian Saylor sold government bonds owned exclusively by him and with $6,450 of the proceeds opened a savings account in a bank in the name of “Mr. or Mrs. Adrian M. Saylor.” In June of the following year, Saylor deposited the additional sum of $2,132 of his own money in the account. There were no other deposits and no withdrawals prior to Saylor’s death a year later. Is the balance of the account on Saylor’s death payable wholly to Adrian Saylor’s estate, wholly to his widow, or half to each?
In March, Adrian Saylor sold government bonds owned exclusively by him and with $6,450 of the proceeds opened a savings account in a bank in the name of “Mr. or Mrs. Adrian M. Saylor.” In June of the following year, Saylor deposited the additional sum of $2,132 of his own money in the account. There were no other deposits and no withdrawals prior to Saylor’s death a year later. Is the balance of the account on Saylor’s death payable wholly to Adrian Saylor’s estate, wholly to his widow, or half to each?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In March, Adrian Saylor sold government bonds owned exclusively by him and with $6,450 of the proceeds opened a savings account in a bank in the name of “Mr. or Mrs. Adrian M. Saylor.” In June of the following year, Saylor deposited the additional sum of $2,132 of his own money in the account. There were no other deposits and no withdrawals prior to Saylor’s death a year later. Is the balance of the account on Saylor’s death payable wholly to Adrian Saylor’s estate, wholly to his widow, or half to each?
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