All categories

3 years ago

A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

1 answer:

5 0

In most states, a will is often referred to as a "last will and testament". So any trust or transfer at death that involves will is said to be testamentary (from the testament). Choice B is a living trust - which doesn't involve death. Choices C and D can be made while a person is alive.

The answer here is A, a testamentary trust.

You might be interested in

To get the best understanding of your observations, you should consider

bulgar [2K]

The correct option is B. their goals and strategies for learning.

Took the pf test and got 100%

7 0

3 years ago

In a __________ pricing tactic, sellers advertise low prices and then aggressively pressure customers to purchase higher-priced

Mrrafil [7]

Answer:

This is known as a "bait and switch" pricing tactic :)

3 0

3 years ago

An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for…

tensa zangetsu [6.8K]

Answer:

blehhhhhhhjhhhhhhh

Explanation:

3 0

3 years ago

Exercise 5-66 Bad Debt Expense: Percentage of Credit Sales Method Gilmore Electronics had the following data for a recent year:

Stels [109]

Answer: Debit Bad debt expense $11,264, Credit Allowance for bad debt $11,264; Debit Allowance for bad debt $9,650, Credit Accounts receivable $9,650.

Explanation: Percentage of credit sales method means bad debt expense expressed as a percentage of sales.

The estimated bad debts rate is 2.2%, which translates to 2.2% of $512,000 (credit sales) = $11,264. The firm has to record this, being the estimated bad debts rate, as Debit to bad debt expense and Credit to allowance for bad debt. However, accounts receivable that was deemed uncollectible is $9,650. This amount would be taken out from the buffer in allowance account by debiting allowance for bad debt and crediting accounts receivable.

5 0

3 years ago

Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to

slega [8]

Answer:

Contribution is sales revenue less variable cost. In multiple products environment, it is important that the producer have information about the performance of each product. This is useful for decision making purpose. See income statement below

Explanation:

An income statement showing contribution would suffice:

Royal Lawrence Company

Income statement

Weedban Greengrow Total

$ $ $

Sales (sp/unit × unit) 315,000 900,000 1,215,000

Variable cost (Vc/unit × units) (98,000) (325,000) (423,000)

Contribution 217,000 575,000 792,000

Specific fixed cost (132,000) (37,000) (169,000)

Product profit 85,000 538,000 623,000

Common Fixed cost (100,000)

Total profit 523,000 

4 0

3 years ago

Read 2 more answers