<h3><u>Role of an executor in estate planning:</u></h3>
An executor is nominated and named in a will to carry out the wishes of the deceased person. An executor’s responsibilities include distributing properties of the deceased to beneficiaries as per the will, pays taxes and debts of the estates. The executor also has to use legal standing to offer the bill for probating purposes, examines the will and trust documents.
It should be noted that without the probating judge's approval, the funds will not be allocated, therefore the executor makes sure all the legal steps have been followed. While it may be an honor to be named an executor, if one isn’t up to the responsibilities, he/she can decline the offer.
Answer:
a.One entry creates an estimated returns inventory account.
b.One entry records the sales of goods to customers.
Explanation:
If a customer purchased a product on credit and returns that product for a refund, the business would have to make specific adjustments to its financial statements. The company would first make a debit entry to sales returns and allowances that equals the exact amount of the purchase
The first amendment providing them freedom of press and freedom of speech.
This is an example of a price ceiling, what means <u>price management.</u>
In economics theory, price is given through the interaction between supply and demand for the good or service. In this way, the scarcity of a product in the face of high demand increases its price, as an abundance in the face of low demand, decreases the price. T<u>he equilibrium price occurs when the supply and demand for the good or service equals, leaving the economy at the optimum, with maximum efficiency.
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However, in certain strategic markets, the government prefers to intervene, either through subsidies or a limit on prices. The case of gasoline at the end of the 20th century is an example of this. The government instituted a ceiling, an artificial limit to the price of gasoline, driving the market to work below the equilibrium price.
The reasons that make the government intervene are diverse, and may be ideological through more interventionist governments, but may also be momentarily necessary, such as in the case of supply shock, when production is affected drastically by a random event, such as the oil shock.
