Roland and Cathy have the foiOwing assets and llabilides: $145,000 $105,000 $360,000 Checking and Savings Accounts Money Market Account Mutual Fund Stocks Vacation Home GGHG Company 401(K) Plan Furniture and Household Goods JTWROS JTWROS JTWROS Cathy Cathy Roland 1Roland Cathy Jewelry and Gems Automobiles Life Insurance Primary Residence Mortgage on Residence Debts Car Loans Unpaid Medical Bils Cathy Roland Roland JTWROS UTWROS Roland Roland Cathy $1,300,000 $325,000 $19,200,000 $595,000 $375.000 $200,000 $92,000 $3,000,000 $1,500,000 $425,000 $224,000 $35,000 $20,000 Assuming that Roland and Cathy each will pay $125,000 in atate estate taxes, and that funeral and estate expenses will be $40,000 each, what is the value of Catt estate? Oa $3,255,000 Ob.$2,657,500 Oc $2.200,000
Roland and Cathy have the foiOwing assets and llabilides: $145,000 $105,000 $360,000 Checking and Savings Accounts Money Market Account Mutual Fund Stocks Vacation Home GGHG Company 401(K) Plan Furniture and Household Goods JTWROS JTWROS JTWROS Cathy Cathy Roland 1Roland Cathy Jewelry and Gems Automobiles Life Insurance Primary Residence Mortgage on Residence Debts Car Loans Unpaid Medical Bils Cathy Roland Roland JTWROS UTWROS Roland Roland Cathy $1,300,000 $325,000 $19,200,000 $595,000 $375.000 $200,000 $92,000 $3,000,000 $1,500,000 $425,000 $224,000 $35,000 $20,000 Assuming that Roland and Cathy each will pay $125,000 in atate estate taxes, and that funeral and estate expenses will be $40,000 each, what is the value of Catt estate? Oa $3,255,000 Ob.$2,657,500 Oc $2.200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer competely and properly
Transcribed Image Text:Roland and Cathy have the following assets and liabilities:
Checking and Savings Accounts
$145,000
H $105,000
$360,000
T $1,300,000
S325,000
$19,200,000
$595,000
$375,000
$200,000
$92,000
$3,000,000
$1,500,000
$425,000
$224,000
$35,000
$20,000
Money Market ACcount
Mutual Fund
Stocks
Vacation Home
GGHG Company
JTWROS
JTWROS
JTWROS
Cathy
TH Cathy
Roland
Roland
401(K) Plan
Cathy
Cathy
Roland
Furniture and Household Goods
Jewelry and Gems
Automobiles
Life Insurance
Primary Residence
Mortgage on Residence
Debts
Car Loans
Roland
JTWROS
JTWROS
Roland
Roland
Unpaid Medical Bils
Cathy
Assuming that Roland and Cathy each will pay $125,000 in state estate taxes, and that funeral and estate expenses will be $40,000 each, what is the value of Cathy's probate
estate?
Oa. 53,255,000
Ob.$2,857,500
Oc $2.200,000
OS PO
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