The terms of a will currently undergoing probate are: "A gift to my brother David of $25,000 cash; to my son James, $50,000 from my Harbor Savings Bank account; and to my daughter Lila, all of my remaining property." At the time of death, the balance in the savings account was $40,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $70,000.The gift to James is a
A. Demonstrative legacy.
B. Devise.
C. General legacy.
D. Residual legacy.
E. Specific legacy.
Answer: A
You might also like to view...
The Ramien Store held inventory items at the end of 2014 . Which items should Ramien include as part of its total inventory cost?
a. Freight incurred in shipping goods to customers. b. Annual income taxes paid for operations. c. Cost of storing inventory before it is sold. d. Cost of salaries of clerks that sell the inventory items.
The inventory system employing accounting records that continuously disclose the amount of inventory is called
A) retail B) periodic C) physical D) perpetual
The plant managers in a cost center can be held responsible for major differences between budgeted and actual costs in their plants
Indicate whether the statement is true or false
In December 2016, a donor to a college established a trust in which college receives $5,000,000 to be invested. The donor's spouse is to receive $40,000 of the income per year for ten years. At that point, the assets and income revert to the college. The college estimates that the present value of the anticipated receipts from the trust amount to $4,800,000. How should this $4,800,000 be recorded in 2016, assuming The College is aprivate institutionThe College is apublic institutionA)Contribution revenueDeferred inflowB)Contribution revenueContribution revenueC)Deferred inflowDeferred inflowD)Deferred inflowContribution revenue
A. A) B. B) C. C) D. D)