Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Chapter 19, Problem 38P
To determine
Prepare the charge and discharge statement for G’s estate.
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The executor of Rose Shield's estate listed the following properties (at fair value):
Cash
$ 300,000
Life insurance receivable
200,000
100,000
Investments in stocks and bonds
Rental property
90,000
Personal property
130,000
Following are the transactions that occur in the months following the decedent's death:
(1) Claims of $80,000 are made against the estate for various debts incurred before the decedent's death.
(2) Interest of $12,000 is received from bonds held by the estate. Of this amount, $5,000 had been earned prior to death.
(3) Ordinary repairs costing $6,000 are made to the rental property.
(4) All debts ($80,000) are paid.
(5) Stocks recorded in the estate at $16,000 are sold for $19,000 cash.
(6) Rental income of $14,000 is collected. Of this amount, $2,000 had been earned prior to the decedent's death.
(7) Cash of $6,000 is distributed to Jim Arness, an income beneficiary.
(8) The proceeds from the life insurance policy are collected and the money is immediately…
The executor of Rose Shield's estate listed the following properties (at fair value):
$ 350,000
250,000
150,000
Cash
Life insurance receivable
Investments in stocks and bonds
Rental property
100,000
180,000
Personal property
Following are the transactions that occur in the months following the decedent's death:
1. Claims of $90,000 are made against the estate for various debts incurred before the decedent's death.
2. Interest of $22,000 is received from bonds held by the estate. Of this amount, $4,000 had been earned prior to death.
3. Ordinary repairs costing $11,000 are made to the rental property.
4. All debts ($90,000) are paid.
5. Stocks recorded in the estate at $21,000 are sold for $29,000 cash.
6. Rental income of $24,000 is collected. Of this amount, $7,000 had been earned prior to the decedent's death.
7. Cash of $7,000 is distributed to Jim Arness, an income beneficiary.
8. The proceeds from the life insurance policy are collected and the money is immediately distributed to…
Jerry Tasch’s will has the following provisions:
$150,000 in cash goes to Thomas Thorne.
All shares of Coca-Cola go to Cindy Phillips.
Residence goes to Kevin Simmons.
All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.
Prepare journal entries for the following transactions:
Discovered the following assets (at fair value):
Collected interest of $7,000.
Paid funeral expenses of $20,000.
Discovered debts of $40,000.
Located an additional savings account of $12,000.
Conveyed title to the residence to Kevin Simmons.
Collected life insurance policy.
Discovered additional debts of $60,000. Paid debts totaling $100,000.
Conveyed cash of $150,000 to appropriate beneficiary.
Sold the shares of Polaroid for $112,000.
Paid administrative expenses of $10,000.
Chapter 19 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 19 - Prob. 1QCh. 19 - Prob. 2QCh. 19 - Prob. 3QCh. 19 - Prob. 4QCh. 19 - Prob. 5QCh. 19 - Prob. 6QCh. 19 - Prob. 7QCh. 19 - Prob. 8QCh. 19 - What claims against an estate have priority?Ch. 19 - Prob. 10Q
Ch. 19 - Prob. 11QCh. 19 - Prob. 12QCh. 19 - Prob. 13QCh. 19 - How is the federal estate tax computed?Ch. 19 - Prob. 15QCh. 19 - Prob. 16QCh. 19 - Prob. 17QCh. 19 - Prob. 18QCh. 19 - Prob. 19QCh. 19 - Prob. 20QCh. 19 - Prob. 21QCh. 19 - Prob. 22QCh. 19 - Prob. 23QCh. 19 - Prob. 24QCh. 19 - Prob. 25QCh. 19 - Prob. 26QCh. 19 - Prob. 27QCh. 19 - Prob. 28QCh. 19 - Prob. 29QCh. 19 - Prob. 30QCh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Which of the following is a specific legacy? a....Ch. 19 - Prob. 12PCh. 19 - Prob. 13PCh. 19 - Prob. 14PCh. 19 - Prob. 15PCh. 19 - Prob. 16PCh. 19 - Prob. 17PCh. 19 - Prob. 18PCh. 19 - Prob. 19PCh. 19 - Prob. 20PCh. 19 - Prob. 21PCh. 19 - Prob. 22PCh. 19 - Prob. 23PCh. 19 - Prob. 24PCh. 19 - Prob. 25PCh. 19 - Prob. 26PCh. 19 - Prob. 27PCh. 19 - Prob. 28PCh. 19 - Prob. 29PCh. 19 - Prob. 30PCh. 19 - Prob. 31PCh. 19 - Prob. 32PCh. 19 - Prob. 33PCh. 19 - Prob. 34PCh. 19 - Prob. 35PCh. 19 - Prob. 36PCh. 19 - Prob. 37PCh. 19 - Prob. 38PCh. 19 - Prob. 39PCh. 19 - Prob. 40PCh. 19 - Prob. 41PCh. 19 - Prob. 42PCh. 19 - Prob. 1DYSCh. 19 - Prob. 2DYSCh. 19 - Prob. 3DYSCh. 19 - Prob. 4DYSCh. 19 - Prob. 5DYS
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