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4 years ago

What are the responsibilities of an executor? Check all that apply.

Business

2 answers:

sergeinik [125]4 years ago

5 0

A paying any taxs that are due on the estate

Natali5045456 [20]4 years ago

5 0

A, B, C, and D are all responsibilities of an executor.

A. paying any taxes that are due on the estate

B. taking inventory of the property and belongings

C. appraising and distributing the deceased person’s assets

D. settling any debts that are owed by the deceased

An executer use a persons will to determine where the money and assets go after death. They protect all assets of an estate to make sure the will is followed as it was planned to be. The funds from the Will cover funeral expenses, debt that the deceases had prior to their death.

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Closing Entries with Net Income Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has

Mademuasel [1]

Answer:

a. Debit Teresa's Capital account for $770,000; and Credit Teresa's Drawing account for $770,000.

b. Teresa Schafer, Capital at the end of the period is $$1,955,000

Explanation:

a. Journalize the entry required to close the Teresa Schafer, Drawing account.

Since the drawing will affect capital by reducing it, the journal entry will look as follows:

Particulars Dr ($) Cr ($)

Teresa's Capital account 770,000

Teresa's Drawing account 770,000

(To record the closing the Teresa Schafer, Drawing account.)

b. Determine the amount of Teresa Schafer, Capital at the end of the period.

To do this, we have to calculate the net profit first as follows:

Net profit = Total revenue - Total cost = $3,190,000 - $2,350,000 = $840,000

Since net profit will increase capita while drawing will reduce capital, we therefore have:

Capital at the end of the period = Capital + Net profit - Drawing = $1,885,000 + $840,000 - $770,000 = $1,955,000.

Therefore, Teresa Schafer, Capital at the end of the period is $$1,955,000.

7 0

4 years ago

Explain the debtor-creditor relationship.

Helen [10]

A debtor is someone who owes a financial obligation (a “debt”) to another, known as the creditor. An example of a debtor-creditor relationship is where a bank lends money to an individual or company, on the basis that the money has to be paid back at some point to the bank

7 0

3 years ago

Read 2 more answers

If cherries cost twice as much as dates, and the last cherry consumed provides twice as much utility as the last date consumed,

scoray [572]

The Utility Maximization rule states that as long as one good provides more utility per dollar than another, the consumer will buy more of that good.Marginal utility is the extra utility a consumer obtains from the consumption of one additional unit of a good or service. So, in our case the additional unit can be cherry or date. MUc is the marginal utility of cherry and MUd is the marginal utility of date:
MUc=2*MUd
The price of the cherries is Pc and of the dates Pd: Pc=2*Pd.
According the utility maximization: MUc/Pc=MUd/Pd
2*MUd/2*Pd=MUd/Pd
So, yes the consumer is maximizing utility.

4 0

4 years ago

Efficiency is one of the ________________ impacts of technology on the workplace.

Scrat [10]

Efficiency is one of the positive impacts of technology on the workplace.

Technological advancement has resulted in many positive impacts on the workplace in both communication and production aspects. It has drastically increased the rate of production.

One of the most prominent impacts of technology on the workplace is the increased flow rate of work. People can communicate in different areas of the workplace more efficiently. Work that used to take hours before can now be done in minutes.

Measuring efficiency or productivity of workplace:

A simple method to have an idea about the efficiency or productivity of a workplace is to compare the input (total labor) and the output (total number of units produced).

Learn how worksheet creates an efficient process in the workplace from the link below
brainly.com/question/13415095?referrer=searchResults

#SPJ4

6 0

1 year ago

Read 2 more answers

g Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an

irinina [24]

Answer: $3,826

Explanation:

Discount received on terms 2/10 = (Purchase value – Cost of merchandise returned) x Discount Rate

= $4,000 - $300 x 2%

= $3,700 x 2%

= $74

if the company paid the invoice within the discount period, Then the total cost of this merchandise

Total cost of merchandise = Value of merchandise purchased– Cost of merchandise returned + Transportation Costs - Amount of discount received

= $4,000 - $300 + $200 - $74

= $3,826

5 0

4 years ago