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anygoal [31]
2 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]2 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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The following information is available for Carla Corporation for 2019 (its first year of operations).
Anastasy [175]

Answer:

The calculations and journal entries are shown below:

Explanation:

The computations are shown below:

a. The taxable income is

Pretax financial income  $302,100

Less: Excess of tax depreciation over book depreciation -$43,800

Add: Rent received in advance deferred for book purposes $18,100

Taxable income $276,400

b.  The journal entry is shown below:

Income tax expense $60,420  

Deferred tax asset (20% × $18,100) $3,620

           To Income tax payable (20% × $276,400) $55,280

           To Deferred tax liability (20% × $43,800) $8,760

(Being the income tax expense, deferred income taxes, and income taxes payable for 2019 is recorded)

c.  The journal entry is shown below:

Income tax expense $63,270  

Deferred tax liability ($8760 ÷ 4 years) $2,190  

         To Income tax payable (20% × $309,200)  $61,840

         To Deferred tax asset (20% × $18,100) $3,620

(Being the income tax expense, deferred income taxes, and income taxes payable for 20 is recorded)

5 0
3 years ago
You just deposited $4,000 in cash into a checking account at the local bank. Assume that banks lend out all excess reserves and
ycow [4]

Answer: $20,000

Explanation:

The reserve requirement is a central bank regulation which sets minimum amount of reserves which must be held by a commercial bank.

When reserve requirement = 20%

= 20/100

= 0.20

Total increase in the checkable deposit will be = $4,000 / 0.20= $20,000

5 0
3 years ago
Consider a second hand car market where three types of cars are being sold: High quality (H), medium quality (M) and low quality
Ann [662]

Answer:

a) Determine which type of cars will be sold at the efficient allocation.

All cars would be sold in a Pareto efficient allocation.

In a Pareto efficient market, resources are all allocated in the most efficient possible way. This is the reason why this is just a theoretical concept that does not necessarily apply in real life.

b) Determine which type of cars will be sold at the market equilibrium.

Since consumers are only willing to pay up to $1,620 for a used car, only medium quality and low quality cars will be sold. The price of high quality used cars is higher than the equilibrium price.

Explanation:

the most a buyer would be willing to pay for a used car is ($1,800 x 40%) + ($1,600 x 30%) + ($1,400 x 30%) = $720 + $480 + $420 = $1,620

3 0
2 years ago
One industry with a reputation for less-than-stellar customer service is that of the nation's pay-tv providers. much of the terr
musickatia [10]
<span>In order to cut costs, most of the pay TV providers have incorporated large call centers where they hire poorly trained and low paid employees to answer customer calls. These employees lack incentive and generally don't care much about customers. One exception to the rule is DirecTV. They are known for the best customer service record in the industry. It uses outsourcing, but they have motivation, something lacking from other providers. Their reps get free satellite TV in their homes once they have been on the job for three months and are invited to special DirecTV events where they have chances to meet and greet celebrities and NFL stars. They are also given the ability to handle complaints themselves rather than just listening, noting and transferring calls.</span>
5 0
2 years ago
Barney wants to start a new business that yields a profit of​ 20% per year after a period of 2 years. In this​ period, if he
crimeas [40]

Answer:

Opportunity costs.

Explanation:

Investing in stocks depicts Barney's opportunity cost of money.

The opportunity cost is the money or funds held up by an individual instead of investing it in other businesses or ventures to yield interests.

5 0
3 years ago
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