In 2016, Bill created a trust that would become effective on his death. In the trust instrument, Bill specified that all of the income from his stocks and bonds be used for the benefit of St. John's Hospital and indicated that his brother Chad should
administer the trust. a. What kind of trust is this? b. What is Bill in relationship to the trust? c. What is the corpus of the trust? d. What is Chad in relationship to the trust?
a. This is a testamentary charitable trust.
b. Bill is the settlor.
c. The stocks and bonds are the corpus.
d. Chad is the trustee.
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Suppose you borrow money from your parents for college tuition on January 1, 2013. Your parents require four annual payments of $1,000 each, with the first payment due on January 1, 2017. They are charging you 6% annual interest. What is the cost of the college tuition?
A) $2,909.37 B) $1,593.85 C) $4,000.00 D) $2,744.69
Reducing the duration of an activity is called ________.
Fill in the blank(s) with the appropriate word(s).
The following T-accounts are from the ledger of Hill Company. Hill uses the periodic inventory system.Purchases6,000 Accounts Payable 6,000 Which of the following is true about Hill Company?
A. The accounts indicate that Hill returned $6,000 of merchandise to a supplier. B. When merchandise is sold, the Purchases account will be credited for cost of goods sold. C. The balance in the purchases account will appear on the balance sheet at year end. D. The T-accounts indicate that Hill purchased inventory on account.
Illusory promises require both parties to perform their contractual obligations
Indicate whether the statement is true or false