A trust created in a will is
a. an inter vivos trust.
b. a constructive trust.
c. a testamentary trust.
d. a probate trust.
c
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On the first day of the fiscal year, Hawthorne Company obtained an $88,000, 7-year, 5% installment note from SeaSide Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of thefiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808 . The journal entryHawthorne would record to make the first annual payment due
on the note would include a a. debit to cash for $15,208 b. credit to notes payable for $10,808 c. debit to interest expense for $4,400 d. debit to notes payable for $15,208
The entry required to record start-up and organization costs will cause a decrease in net income for the period
Indicate whether the statement is true or false
As a result of ________, a company cannot make its product illegally similar to a competitor's already established product
A) anti-monopoly laws B) patent laws C) antitrust laws D) product warranties E) product liability
Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership's capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison's retirement. The journal entry to record Edison's June 1 withdrawal from the partnership if Edison sells his interest to Whitney for $45,000 after the other two partners approve Whitney as partner is:
A. Debit Edison, Capital $45,000; credit Whitney, Capital $45,000. B. Debit Edison, Capital $40,000; credit Cash $40,000. C. Debit Edison, Capital $40,000; credit Whitney, Capital $40,000. D. Debit Edison, Capital $40,000; debit Cash $5,000; credit Whitney, Capital $45,000. E. Debit Edison, Capital $40,000; debit Wright, Capital $2,500; debit Bell, Capital $2,500; credit Whitney, Capital $45,000.