J.R. lives in Texas, which is a community property state. He dies at age 78 with the following assets:
Assets Title Total Value
Home Community Property with his wife Sue Ellen $1,250,000
Furnishings Community Property with his wife Sue Ellen $550,000
Southfork Ranch Community Property with his wife Sue Ellen $17,500,000
Roth IRA James as beneficiary $1,250,000
Checking Account (POD to son) Community Property with his wife Sue Ellen $500,000
Investment Account (POD to daughters) Separate Property $2,950,000
Vacation Home JTROS with daughters $750,000 Question
36: Which of J.R.’s assets will pass through probate? What is the value of J.R.’s probate estate?
Answers
In J.R.'s case, the assets that will pass through probate are his separate property investment account valued at $2,950,000. The total value of J.R.'s probate estate is $2,950,000.
J.R.'s assets are categorized into community property and separate property. Community property refers to assets acquired during the marriage and is owned jointly by both spouses, while separate property belongs solely to an individual. In Texas, as a community property state, the assets owned jointly with J.R.'s wife, Sue Ellen, will generally pass outside of probate. These include the home, furnishings, Southfork Ranch, and the checking account. Additionally, the Roth IRA, with James as the beneficiary, will also pass outside of probate. However, the investment account, which is J.R.'s separate property, will pass through probate as it does not have a designated beneficiary. Therefore, the value of J.R.'s probate estate is $2,950,000, representing the separate property investment account.
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Related Questions
4941551496 p.a.ssw.ord yaP2D2
CO.ME FA.ST ON ZO.O.M
Answers
Answer:
WHY FAST?
Explanation:
why is it necessary to keep account or financial records while doing vegetable farming
Answers
Answer:
record keeping is a necessary element of good livestock business management.. if farmers have farm record they can tell how well they are managing their farm in comparison to other farmers. they can also see the strength and weakness in their farm operation...
Seema is heading into her junior year of high school and received a large financial gift from her grandmother. She kind of wants to buy some new clothes, but she has a financial goal of saving for her college education, but she also wants to be able to buy a used car to get her to and from campus. What should Seema do with the money she's received?
Answers
Based on the given information Seema should deposit the money into a savings account.
What is savings account?A savings account is an account that allow a person to save while you earn an interest on the saved amount.
Since she has a financial goal of saving for her college education the best choice is for her to open a saving account and deposit the money given to her by her grandmother into the saving account as this will help her to achieve her set goal.
Inconclusion Seema should deposit the money into a savings account.
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Jessica wants to get a credit card, but the bank is refusing to give her one. What could be the TWO possible reasons behind the bank’s refusal to comply with Jessica’s request?
she does not have an account with the bank
she has a bad credit history
she has a good credit history
she is 18 years old
she doesn’t have a job
Answers
Answer:
TWO POSSIBLE REASONS:
-she has a bad credit history
-she doesn't have a job
Explanation:
The bank should give her a credit card if:
-she is 18 years old
-has a good credit history
Also,
- having an account with the bank is not necessary and will not hinder the approval process of getting a credit card
The two possible reasons behind the bank’s refusal to comply with Jessica’s request should be she has a bad credit history and she doesn't have a job.
The following information should be considered:
The bank should give her a credit card in the case when she should be 18 years old and also have the good credit history. Moreover, it is not necessary to have a bank account but also not hinder the approval process with regard to the credit card.Learn more: brainly.com/question/16911495
This is for my NJROTC class! Pls help!
Answers
Answer: Option 1
Explanation:
Answer:
option1
Explanation:
Which of the following accounts would normally have a credit balance and appear in the balance sheet?
A. Dividends.
B. Salary expense.
C. Revenue.
D. Uneamed revenue.
E. Accounts receivable.
Answers
The account that contains a normal credit balance & the same appears in the balance sheet is unearned revenue.
The following information is relevant:
The dividend contains the normal debit balance and the same is to be shown under the stockholder equity statement.The salary expense is to be shown under the income statement and contains a normal debit balance.The revenue is to be shown under the income statement & contains a normal credit balance.Unearned revenue is a liability account and contains a normal credit balance. Also, it is to be shown under the balance sheet.The account receivable is an asset account & it contains a normal debit balance. Also, it is to be shown under the balance sheet.Therefore we can conclude that the account that contains a normal credit balance & the same appears in the balance sheet is unearned revenue.
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What part of the problem-solving process involves thinking about what you would do differently next time?
Question 3 options:
Select the best solution
Evaluate the solution
Execute the solution
Identify consequences
Answers
Assume milk is used to produce ice cream. A decrease in the price of milk will cause the equilibrium price of ice cream to:_____.
a. Increase and the equilibrium quantity of ice cream to increase.
b. Increase and the equilibrium quantity of ice cream to decrease.
c. Decrease and the equilibrium quantity of ice cream to increase.
d. Decrease and the equilibrium quantity of ice cream to decrease.
Answers
A sudden storm threatens the property of Marina Bay LLC. Ngoc, Marina Bay’s sales agent, is on site, but lacks the express or implied authority to bind the firm to the cost of appropriate protective measures. Unable to communicate with Marina Bay, Ngoc
a. has emergency powers to deal with the situation.
b. must await the principal’s express ratification to act.
c. can imply a power of attorney to assume the needed authority
Answers
The Marina Bay LLC property is under danger due to an unexpected storm. Despite being unable to contact Marina Bay, Ngoc is equipped with emergency powers.
Storms are powerful atmospheric disturbances that have low barometric pressure, cloud cover, precipitation, strong winds, and may even have lighting and thunder.
The term "storm" is a general one that is frequently used to refer to a wide range of atmospheric disturbances, from simple rainstorms and snowstorms to thunderstorms, wind, and wind-related disturbances like gales, tornadoes, tropical cyclones, and sandstorms.
Storms are defined in meteorological terms as cyclones with a strong center of low pressure, strong winds that gust between 103 and 117 km/h (64 and 73 mph), heavy precipitation, and occasionally lighting and thunder. For details on certain storm types, see thunderstorm, tornado, and tropical cyclone.
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Question 2(Multiple Choice Worth 5 points)
(02.06 MC)
In general, what kind of people earn the most money?
O People with skills that are in high demand and high in supply
O People with skills that are in high demand but low in supply
O People with skills that are in low demand and low in supply
People with skills that are in low demand but high in supply
Answers
They earn the most money since skills also follow the law of supply and demand, so consumers are willing to pay more due to low supply
Help ASAP!!!! What is the most-possible answer?
Answers
Answer:
Community and junior colleges.
Explanation:
I don't know if im too correct but if i am, mark me brainliest?:)
Answer:
D - Collages
Explanation:
That is the only thing I know that gives degrees
I know this is impossible but can you guys help? Doesn’t have to use fancy words and doesn’t have to be long, I’m not English native speaker but I have to
Don’t use all the words if it’s too difficult
Answers
Answer:
sorry I didn't see your question
Explanation:
very very sorry for my information
many companies view the marketing environment as a(n) __________ element to which they must react and adapt.
Answers
Many companies view the marketing environment as an Uncontrollable element to which they must react and adapt.
Market is a place where the consumers and sellers meet in order to purchase and sell goods respectively. Market runs on many factors which include the availability of the goods, the demand for the goods and easy flow of cash. According to some companies and experts marketing environment is uncontrollable as it comes with risks too. Also, the demand for a particular good cannot be controlled by the market as it solely depends on the consumers. For example, if there is a demand of milk chocolate in the market but market has surplus of dark chocolate then the demand for milk chocolate is uncontrollable. The risk factors include economic factors as well as the political factors.
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as in the adm case, all that companies have to do to fix price is to agree on the price for which the companies will sell the product. True or False
Answers
As in the ADM case, all that companies have to do to fix the price is to agree on the price for which the companies will sell the product. This statement is False.
A price is the amount of payment or compensation given by one party to a {different} reciprocally for a product or service. In some situations, the value of production incorporates a different name. If the merchandise could be a "good" within the industrial exchange, the payment for this product can possibly be known as its "price".or every man has his price. aforesaid to mean that everyone may be persuaded to try to do one thing dishonest or immoral if they're offered an outsized enough quantity of money. whereas it should not be true that each man has his price, there are continually people who have. simple Learning Idioms Dictionary.
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Which type of endorsement transfers ownership to someone else?
Blank
Restrictive
Special
None of these
Answers
Answer:
Special
Explanation:
A payee performs a special endorsement when they want someone else to receive the check amount. It means the payee transfers the rights to the check payment or the asset to a third party. The payee is the person whose name appears on the front.
In the special endorsement, the payee writes at the back of the check or instrument, " pay to the order of'' and states the new recipient's name. The payee has to sign to confirm the endorsement.
How long should a cover letter be? A. Less than one page B. Two pages C. Three pages D. More than four pages Please select the best answer from the choices provided A B C D
Answers
Answer: A. Less than one page
Explanation:
Daxter Industrial Pte Ltd uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labour hours. At the beginning of the year, the company estimated manufacturing overhead costs at $240,000, direct labour-hours at 10,000 , and machine hours at 40,000 . Actual overhead costs incurred were $249,280, actual direct labour hours were 11,000 , and actual machine hours were 41,000 . Job number #2232 was not completed at the end of the year. Materials costs on this job totalled $8,000 and labour costs totalled $3,000 at $10 per hour. Required: (a) Compute the total factory overhead applied for the year for Daxter? (b) Compute the underapplied or overapplied overhead for the year. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (c) Determine the cost of job number #2232 at the end of the year.
Answers
(a) Therefore, the total factory overhead applied for the year is $264,000. (b) Since the result is negative, it indicates that the overhead was underapplied by $14,720. (c) Therefore, the cost of job number #2232 at the end of the year is $275,000.
(a) To compute the total factory overhead applied for the year for Daxter, we need to multiply the predetermined overhead rate by the actual direct labour hours.
The predetermined overhead rate is calculated as follows:
Predetermined overhead rate = Estimated manufacturing overhead costs / Estimated direct labour hours
Predetermined overhead rate = $240,000 / 10,000 = $24 per direct labour hour
Total factory overhead applied = Predetermined overhead rate * Actual direct labour hours
Total factory overhead applied = $24 * 11,000 = $264,000
Therefore, the total factory overhead applied for the year is $264,000.
(b) To compute the underapplied or overapplied overhead for the year, we compare the total factory overhead applied with the actual overhead costs incurred.
Underapplied or overapplied overhead = Actual overhead costs incurred - Total factory overhead applied
Underapplied or overapplied overhead = $249,280 - $264,000
Underapplied or overapplied overhead = -$14,720
Since the result is negative, it indicates that the overhead was underapplied by $14,720.
To close the balance in the Manufacturing Overhead account to Cost of Goods Sold, we would debit Cost of Goods Sold and credit Manufacturing Overhead for the underapplied amount:
Cost of Goods Sold $14,720
Manufacturing Overhead $14,720
(c) To determine the cost of job number #2232 at the end of the year, we need to sum up the materials costs, labour costs, and the portion of the applied overhead attributed to the job.
Materials costs for job #2232 = $8,000
Labour costs for job #2232 = $3,000
Applied overhead for job #2232 = Predetermined overhead rate * Actual direct labour hours for job #2232
Applied overhead for job #2232 = $24 * Actual direct labour hours for job #2232
Since job #2232 was not completed, we assume that the actual direct labour hours for the job are the same as the total actual direct labour hours.
Applied overhead for job #2232 = $24 * 11,000 = $264,000
Cost of job #2232 = Materials costs + Labour costs + Applied overhead
Cost of job #2232 = $8,000 + $3,000 + $264,000 = $275,000
Therefore, the cost of job number #2232 at the end of the year is $275,000.
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Select the best answer for the question.
2. Which functional area in a retail store usually manages the on-site revenue generation, administration, and reports on the center's expenses?
O A. Finance
O B. Information Technology (IT)
C. Human Resources
O D. Visual Merchandising
Answers
Answer:
Human resources
Explanation:
2. Minor Case Study: Winter sports in New England: The New England list of sports excludes a range of activities found in other parts of the world including A) ice fishing, B) dogsledding and C) heli-skiing. Explain how you would create an artificial environment for EACH activity.
Answers
Artificial Environment for each winter sport in New England are: For ice fishing: To create an artificial environment for ice fishing, the first thing that you would have to do is to have an artificial lake, which can be created by digging out a large area and filling it with water.
Once you have an artificial lake, you will have to lower the temperature of the water, so that it freezes over. To do this, you can install a refrigeration system that keeps the water at a constant low temperature or you can build a large freezer that can hold the water.
For dogsledding: To create an artificial environment for dogsledding, you would have to create a trail that mimics the natural terrain found in the region. This could be done by using a bulldozer to create hills, turns, and straightaways, which will give the dogs a chance to run and play.
For heli-skiing: To create an artificial environment for heli-skiing, you would have to have a large indoor space that can simulate the mountain conditions found in the region. This would include having a large mountain, complete with snow, that can be used for skiing and snowboarding.
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Employers will consider an application valid even if it has not been signed.
T or F
Answers
Does the Federal Reserve pay taxes?
Answers
Answer:
Federal Reserve banks are exempt from paying taxes at the federal, state and local levels, except on real estate holdings. This is because of rules on taxation set forth in Section 7(c) of the Federal Reserve Act.
Explanation:
In a short essay What are advantages and disadvantages of competition for buyers and sellers?
Answers
Answer:
Competition decreases your market share and shrinks your customer base, especially if demand for your products or services is limited from the start. A competitive market can also force you to lower your prices to stay competitive, decreasing your return on each item you produce and sell.
your company has developed and implemented countermeasures for the greatest risks to their assets. however, there is still some risk left. what is the remaining risk called? answer residual risk risk loss exposure
Answers
The portion of risk that still exists after the execution of a countermeasure is known as residual risk.
Which phrase describes a danger that endures even after measures have been put in place?The risk that is still there after efforts have been made to detect and reduce some or all categories of risk. Remaining risk is significant for a number of reasons. The risk that remains after applying security measures and process improvements is the first thing to take into account.
Which of the following expressions best describes the idea of residual risk?In risk management, inherent risk and residual risk are closely related. The number of risks that exist without any controls or measures being taken to address or mitigate them is referred to as inherent risk.
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Melissa plans to become a nurse. What would be a good extracurricular activity for Melissa during high school? O A. O B. O C. O D. joining the cheerleading squad taking charcoal drawing lessons participating in gymnastics volunteering at a health clinic after school
Answers
Answer:
Volunteering at a health clinic after school
Explanation:
If Melissa plans on becoming a nurse, she should look for extracurriculars which could help support her in her future years. Volunteering at a health clinic could provide her with hands on experience opposed to cheerleading or charcoal drawing which are good for hobbies and fun activities. But if Melissa really has a passion to become a nurse she should look for extracurriculars which not only interest her but may be of benefit to her.
The bureaucratic structure that arranges employees by multiple factors such as region, products, or clients is known as the ______ structure.
Answers
Bureaucratic structure is a structure that has a lot of formalized set of role expectations. The bureaucratic structure that arranges employees by multiple factors such as region, products, or clients is known as the multi-divisional structure.
Bureaucratic structure along with its different roles shows who is expected to do what, how, and when.This structure is said to be a normative in nature that is often disconnected from decision behavior or process.
The structure often shows the different facets of a mechanistic organization when looking at work specialization, formalization, and centralization.
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Monopolistic competition is a market condition with which major feature
Answers
Answer:
O C. Different businesses compete to sell similar products.
Explanation:
Here are the options :
A. Many businesses freely produce the same product.
O B. Only one business controls an entire industry.
O C. Different businesses compete to sell similar products.
O D. A few huge businesses control an industry.
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
Monopolistic competitive firms engage in advertising for their products
An example of monopolistic competition are restaurants
Answer:
A is correct
Explanation:
different businesses compete to sell similar products
What are the two primary U.S. national workforce policy programs preceding the Workforce Innovation and Opportunity Act (WIOA) of 2014?
Answers
The two primary U.S. national workforce policy programs preceding the Workforce Innovation and Opportunity Act (WIOA) of 2014 are the Job Training Partnership Act (JTPA) of 1982 and the Workforce Investment Act (WIA) of 1998.
The JTPA was the first major program aimed at improving the U.S. national workforce. It focused on providing job training and employment opportunities for economically disadvantaged individuals, dislocated workers, and youth. The JTPA aimed to enhance the employability and productivity of these target groups, helping them secure better jobs and contribute to the workforce. The WIA replaced the JTPA in 1998 and continued the effort to strengthen the workforce. This legislation streamlined various workforce development programs and introduced the "One-Stop" service delivery system, which provided a centralized location for job seekers and employers to access employment, education, and training services.
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Jose gross weekly salary as a logger is $630. He pays 6.2% Social Security tax, 1.45% Medicare tax, and $14.20 for health insurance. What is Jose monthly net pay?
Answers
Answer:
$568
Explanation:
Gross salary = $630
Social security tax = 6.2%
Medicare tax = 1.4%
Health insurance = $14.20
We add up what is paid as tax
= 6.2 + 1.4 = 7.6%
7.6% of $630
= 0.076 x 630
= $47.88
So he pays tax of 47.88 dollars from his gross salary
We add his tax to what he pays for health insurance
= 47.88 + 14.20
= $62.08
the formula for net pay:
gross salary - deductions
= $630 - $62.08
= $567.92
this is approximately $568
thank you!
I need help with c) please make sure to provide four answers,
with solutions the better, i only have one chance left for this
question.
Thanks
Flounder Limited began operations on January 2, 2019. The company employs 6 individuals who work 8 hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annuall
Answers
2013:
Dr. Salaries expense: 12,800Cr. Salaries payable 12,800(To accrue the expense and liability for vacations)
Dr. Salaries expense: 8,960Cr. Salaries payable(To accrue the expense and liability for sick pay)
Dr. Salaries payable 6,400Cr. Cash 6,400(To record sick leave paid)
2014:
Dr. Salaries expense: 13,600Cr. Salaries payable: 13,600(To accrue the expense and liability for vacations)
Dr. Salaries expense: 9,520Cr. Salaries payable: 9,520(To accrue the expense and liability for sick pay)
Dr. Salaries expense: 720Dr. Salaries payable 11,520Cr. Cash 12,240(To record vacation time paid)
Dr. Salaries expense: 160Dr. Salaries payable: 8,000Cr. Cash 8,160(To record payment for compensated time when used by employees)
How did we find the sums in the entries?In 2013 they earned 7 sick days, but only used 5 days in 2013. So there is 2 days left of sick days earned at the 2013 $16 rate.In 2014, they used 6 days which includes the 2 days earned from 2013Calaculations:
= (10 employees * $16/hr * 8hr/day* (7days earned 2013 - 5days used in 2013)
= 1,280 * 2
= $2,560
= (10 employees *$17/hr * 8hr/day *(6 days used in 2014-2 days accounted for)
= 1,360 * 4
= $5,440
==> 2,560 + 5,440
= $8,000
Full question:
Matt Broderick Company began operations on January 2, 2013. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.
Actual hourly wage rate:
2013: $16
2014: $17
Vacation days used by each employee:
2013: 0
2014: 9
Sick days used by each employee
2013: 5
2014: 6
Matt Broderick Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Prepare journal entries to record transactions related to compensated absences during 2013 and 2014.
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People are living paycheck to paycheck why is that a problem