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anygoal [31]
3 years ago
11

Olive Maccones dies without a will. She has three sons and seven grandchildren. She owned a substantial amount of property. What

happens to the property
Business
1 answer:
navik [9.2K]3 years ago
6 0

Answer:

The property will be transferred according to the Statute of Descent and Distribution.

Explanation:

Intestacy is the situation where a person dies without leaving a will for the sharing of his estate.

When this happens the descent and distribution statute comes into play.

The heirs or next of kin are beneficiaries to the estate. Heirs can be be blood relatives, adopted children, adopted parent, or surviving spouse.

The line of descent is the order of beneficiaries that are from an ancestor. The line of descent can be direct such as sons, or collateral such as cousins.

In this case where Olive Maccones dies without a will and she has three sons and seven grandchildren, her estate will be distributed by a court based on the line of descent of her sons and grandchildren.

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A. Taking the standard deduction.

Explanation:

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what is the most appropriate closing for a business letter? a. your friend, b. sincerely, c. anxiously, d. take care,
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The question, "What are the distinguishing characteristics of effective leaders?" sparked which approach to the study of leaders
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Answer:

behavioral approach to the study of leadership

Explanation:

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Would rocks make a good form of money? Explain why or why not?
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4 years ago
Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Panarin has provided the following ana
Nookie1986 [14]

Answer:

a. The 2 contracts should be combined.

b. $123,000 for Contract A

$82,000 for Contract B

c. Revenue should be recognized when control of goods has transferred to the customer.

Explanation:

Part a:

Answer: Yes. The 2 contracts should be combined.

Reasoning:

5-step revenue recognition model indicates identification of contracts with customer in the first step, identification of performance obligations of the contract in the second step, transaction price determination in the third step, allocation of transaction price to the performance obligations to the fourth step and recognition of revenue as the performance obligations in the fifth step. Therefore, two contracts should be combined.

Part b:

Calculate the amount of revenue should P associate with each of the contracts.

There are two performance obligations:

Goods from contract A ($120,000 + ($5000 x 60%)) = $123000

Goods from contract B ($80,000 + ($5000 x 40%)) = $82000

Reasoning: It is given that the stand-alone prices for Contract A is $120,000 and Contract B is $80,000. Contract price of Contract A is $125,000. Thus, the additional $5,000 should be split between the 2 contracts. Hence, the performance obligations for goods from contract A is $123,000 and goods from contract B is $82,000.

Part C:

Revenue should be recognized when control of goods has transferred to the customer.

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Performance obligation is satisfied when transfer the good or service to the customer. Recognize revenue when the performance obligation is satisfied is the fifth step of the 5-step revenue recognition model. Hence, revenue should be recognized when control of goods has transferred to the customer.

7 0
3 years ago
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