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yawa3891 [41]
3 years ago
10

Billy-Bob owns a condo in Seattle, and a farm in Yakima. His older brother, Bobby-Lee, has some severe health problems and is un

able to work anymore, and just has Social Security Disability income of about $800/month. Billy-Bob records a deed giving a "life estate" to Bobby-Lee as long as he lives, with the "remainder" to go to Billy-Bob’s sister, Judy. A. Bobby-Lee now owns the "fee simple" title to the property, as long as he lives. B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property. C. No one will own the "fee simple" title to the property.
Business
1 answer:
Eduardwww [97]3 years ago
6 0

Answer: B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property.

Explanation:

In the Life Estate arrangement, a person is granted use and ownership of a property for as long as they are alive. When they die however, if a Remainder also known as <em>Remainder- man</em> is named, then the property rights transfer to the Remainder- man.

The Remainder-man then gets access to the property and owns in to the highest extent of the law which in common law countries such as the United States, is the Fee Simple title ownership. This gives them the right to basically do what they want with the property.

Bobby-Lee therefore gets the rights to the property but once he dies, his sister Judy will own a <em>fee simple</em> title to the property.

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development of an opinion of market value.

Explanation:

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3.

DR Selling and Administrative Salaries               $240,000

      Manufacturing Overhead                                $150,000

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CR Wages Payable                                                                      $990,000

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5. Total Manufacturing cost to be added = Raw Materials + Direct Labor + Manufacturing Overhead

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= $1,746,250

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DR Finished Goods                                             $1,680,000

CR Work in Process                                                                $1,680,000

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Ending Balance = Beginning balance + Raw materials + Direct labor + Manufacturing Overhead - Cost transferred to Finished goods

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9. Predetermined overhead cost - Actual cost = 666,250 - 650,000 = $16,250.

<u>Overapplied</u> as predetermined cost was more than Actual.

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Adjusted Cost of Goods sold = Cost of goods sold - Overapplied

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