Mary is the beneficiary of a spendthrift trust that her grandmother set up when Mary was 12 years old. Mary is now 25 years old. Mary has overused her credit cards and is in default on several. Under terms of the trust, Mary receives $500 per month of income, but any remaining income remains in the trust. Mary 's creditors wants to force the trustee to pay them all the income plus some of the trust corpus each month. Can they do this ?
Answers
Mary's creditors do not have the legal authority to access the trust assets beyond the designated monthly payments.
A spendthrift trust is a type of trust that includes provisions to protect the beneficiary's interest from creditors. The purpose of such a trust is to ensure that the beneficiary receives regular income while safeguarding the remaining trust assets from creditors' claims. In this case, Mary is the beneficiary of the spendthrift trust established by her grandmother. As per the terms of the trust, Mary is entitled to receive $500 per month in income. However, any additional income beyond that amount remains in the trust and is not accessible to Mary or her creditors.
The spendthrift clause in the trust prevents Mary's creditors from forcing the trustee to pay them the income or tapping into the trust corpus. This clause essentially shields the trust assets from being seized or used to satisfy Mary's outstanding debts. The purpose of a spendthrift clause is to provide a measure of financial security to the beneficiary by limiting their ability to overspend or fall victim to creditors' claims.
As a result, Mary's creditors cannot compel the trustee to pay them the income from the spendthrift trust or deplete the trust corpus. The trustee is legally bound to follow the terms of the trust and distribute only the specified amount of income to Mary. This arrangement protects the trust assets from being subject to Mary's financial difficulties or the claims of her creditors, ensuring that the funds are preserved for her long-term benefit.
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Related Questions
Following are transactions of The Barnett Company: 2020 Dec. 16 Accepted a $21,200, 60-day, 58 note dated this day in granting Carmel Karuthers a time extension on her past-due account. Dec. 31 Made an adjusting entry to record the accrued interest on the Karuthers note. Dec. 31 Closed the Interest income account. 2021 Feb. 14 Mar. 2 Received Karuthers' payment for the principal and interest on the note dated December 16. Accepted an $8,850, 48, 90-day note dated this day in granting a time extension on the past- due account of ATW Company. Mar. 17 Accepted a $4,050, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension on his past-due account. May 31 Received ATW's payment for the principal and interest on the note dated March 2. Prepare journal entries to record The Barnett Company's transactions. (Assume 365 days in a year. Round your answers to 2 decimal places.)
Answers
Dec. 16:
The Barnett Company accepts a $21,200, 60-day, 5.8% note from Carmel Karuthers, granting her a time extension on her past-due account.
Journal Entry:
Date Account Debit Credit
Dec. 16 Notes Receivable $21,200
Accounts Receivable $21,200
Dec. 31:
An adjusting entry is made to record the accrued interest on the Karuthers note.
Journal Entry:
Date Account Debit Credit
Dec. 31 Interest Receivable $204.53
Interest Income $204.53
Dec. 31:
The Interest Income account is closed at the end of the accounting period.
Journal Entry:
Date Account Debit Credit
Dec. 31 Income Summary $204.53
Interest Income $204.53
Feb. 14:
The Barnett Company receives payment from Carmel Karuthers for the principal and interest on the note dated December 16.
Journal Entry:
Date Account Debit Credit
Feb. 14 Cash $21,404.53
Notes Receivable $21,200
Interest Receivable $204.53
Interest Income $0.00
Mar. 2:
The Barnett Company accepts an $8,850, 48, 90-day note from ATW Company, granting a time extension on their past-due account.
Journal Entry:
Date Account Debit Credit
Mar. 2 Notes Receivable $8,850
Accounts Receivable $8,850
Mar. 17:
The Barnett Company accepts a $4,050, 30-day, 4.5% note from Leroy Johnson, granting him a time extension on his past-due account.
Journal Entry:
Date Account Debit Credit
Mar. 17 Notes Receivable $4,050
Accounts Receivable $4,050
May 31:
The Barnett Company receives payment from ATW Company for the principal and interest on the note dated March 2.
Journal Entry:
Date Account Debit Credit
May 31 Cash $9,050
Notes Receivable $8,850
Interest Income $200
The journal entries have been recorded to reflect the transactions of The Barnett Company. These entries accurately record the acceptance of notes, interest accrual, interest income, and receipt of payments from customers, ensuring the financial transactions are properly accounted for.
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if your team quickly repaired a customers' leaky roof but discovered afterward it was the wrong customer, your team would be
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If a team quickly repaired a customer's leaky roof but discovered afterwards it was the wrong customer, then team would be efficient but ineffective
Effectiveness refers to the extent to which a task or action accomplishes its intended purpose or goal, while efficiency refers to the amount of resources like time, money, and materials used to complete the task. In the given case, the team will be considered efficient because they completed the task quickly, but they would also be considered ineffective as they did not achieve the desired result.
In the given scenario, the goal of the task was to repair a leaky roof for a specific customer, but the team ended up repairing the wrong customer's roof. While they may have used the resources available to them efficiently, they did not achieve the intended goal, and therefore were not effective in completing the task.
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Which of the following is not an advantage of personal selling?
A.) ability to get immediate action
B.)ability to cultivate relationships
C.)relatively low cost
D.)ability to be individually tailored
Answers
Answer:
C.)relatively low cost
Explanation:
Personal selling involves the use of a sales team to engage customers and convince them to buy. It is a one-on-one interaction between the seller and potential buyer.
Personal selling is a costly affair. Each salesperson can only engage one client at a time. To engage a large number of customers, a big team of salespeople is required. The hiring of good salespeople, training them, salaries, bonuses, and commissions can be expensive.
in most transactions involving a buyer or seller, real estate agents have limited authority to act on behalf of their clients. therefore, which type of agency relationship are they in?
Answers
The type of agency relationship they are in is broker agency relationship.
The broker agency has relation to buying and selling of property ,real estates and act as a chain between the buyer and the seller.
For transactions that take place between a buyer and seller the amount specifically is charged from both the parties that can be termed as brockerage.
Transactions involves the real estate purchase or sales , share purchase and sales but have a limited authority that they themselves cannot invest in the same. They are the link between between the firm and the interested buyer of the share.
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When an entrepreneur takes some of his profits and replaces old machinery, he is investing in
A. Natural Resources
B. Human Capital
C. Land
D. Capital Goods
Answers
Answer:
D. Capital Goods
Explanation:
Capital goods are physical assets that a business uses to generate revenues. Usually, capital goods have a useful life beyond one year. It implies that they are not meant for sale in the current financial year.
Capital goods include machinery, plants, and equipment, and other long term tangible assets. Some capital goods require a considerable sum of funds to acquire. Costs incurred in acquiring capital goods are spread over the number of their useful life.
Answer:
ok
Explanation:
ok
What are some ways you deal with stress at school or at home? How could you use those techniques in the workplace? PLZZZZZ!!!!
Answers
2. Reward yourself when you are finshed
3. Spend time with friends and family when you have free time
4. Get 8 hours of sleep a night
5. Always eat breakfast and don’t skip any meals.
6. Meditate
7. Get up and stretch your legs if you have a desk job
8. Deep breathing
9. Play relaxing music
10. Reduce your caffeine intake is a big one
Hope this helps :D
Some ways to deal with stress at school or at home is as follows:
1. Stop when you need to.
2. After finishing, treat yourself.
3. When you have free time, spend it with your loved ones.
4. Sleep for eight hours each night.
5. Never miss a meal and never skip breakfast.
6. Reflection
7. If you have a desk job, stand up and stretch your legs.
How to reduce stress at work?The APA poll revealed that individuals who often experience tension or stress at work are more than three times as likely to indicate they plan to look for employment elsewhere in the upcoming year (71% vs. 20%) than employees who don't experience such stress.
Employees who have some degree of autonomy over their work schedules tend to be happier than those who are subject to stricter work-hour regulations. Most employees value having flexible work hours because it allows them to escape traffic, exercise in the morning, or walk their pets before dusk. Allow staff to work from home if the job can be done remotely, or use a hybrid approach if it can.
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What is the slow growth that can result from a contractionary policy?
Answers
As a contractionary policy can lower inflation, the potential for delayed growth is a benefit. Governments or central banks can slow the economy down by raising interest rates and lowering the money supply if it is expanding too quickly and producing inflation.
Inflation, as we know, is the general increase in an economy's price level, which makes goods and services more expensive on the market. As a result, a contractionary policy that lowers the amount of inflation in the economy has a beneficial impact and promotes slow economic growth.
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Taxes on cigarettes are designed to a. lower the price to reflect their true benefits b . encourage farmers to grow more tobacco . raise the price to reflect their true costs d. restrict sales to government-owned stores
Answers
Answer:
c
Explanation:
A tax is a compulsory sum levied by the government or an agency of the government on goods and services. Taxes increases the price of a good. the aim of tax on cigarettes is to increase the price of cigarettes. this should discourage consumption of cigarettes. taxes on cigarette reflect the true cost of consuming cigarettes
If the price of shoes is $60/pair, the _____ will be 10 pairs of shoes. quantity demanded quantity supplied market demand market supply
Answers
If the price of shoes is $60/pair, the quantity demanded will be 10 pairs of shoes.
What is the quantity demanded?This is the amount that is demanded of a good by consumers in the market and it is heavily influenced by the price.
The quantity demanded is found by looking at the demand curve which is the downward sloping line in the attached graph. The 10 pairs of shoes at $60 is therefore the quantity demanded.
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Which statements apply to a certificate of deposit (CD)? Check all that apply. It is always purchased as a short-term investment. It can be purchased from a banking institution. It is always purchased as a long-term investment. It can be purchased for almost any amount. It is purchased through an individual's employer.
Answers
The statements that apply to a certificate of deposit include;
It can be purchased from a banking institution. It can be purchased for almost any amount.A certificate of deposit is a low-risk investment where the depositor fixes a sum of money in an account for a period of time after which he can collect the investment along with interest accrued. Banks and credit unions are the main financial institutions known for issuing certificates of deposits. It is quite similar to opening a bank account.
The flexibility obtainable from this investment plan allows depositors to fix amounts that are commensurate to their budgets. However, some financial institutions have minimum amounts that are required for certificates of deposit. Different institutions have varying interest rates, therefore, it is necessary to make proper research before opting for an institution.
Summarily, the statements that apply to a certificate of deposit are;
It can be purchased from a banking institution. It can be purchased for almost any amount.Learn more about certificates of deposits here:
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Answer:
-It can be purchased from a banking institution.
- It can be purchased for almost any amount.
Explanation: just took the test
what were capital resources in the kingdom of mocha
Answers
Answer:
Bartering and the use of natural resources
Explanation:
It is correct
What is the relationship between insurance and successful financial management? Why is insurance important?
Answers
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Insurance is an important aspect of risk management in business. Insurance is related to successful financial management because when a business is insured, it can weather times of loss and unforeseen occurrences without losing its strength. Insurance is important because it helps businesses to mitigate loss.
Insurance is an aspect of risk management in business where a policyholder pays an agreed sum to the insurer, with the intent of lightening any unforeseen losses they may encounter in the future. Insurance is important because businesses come with risks that could be sudden and unexpected.The pool of funds generated by the insurance company from other insurers will be used to attenuate the loss that the business will face.Conclusively, if businesses will thrive for a long time, insurance is very beneficial.Learn more here:
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When someone makes a choice, what are all the other alternatives that are given up by making that choice called?
Answers
When someone makes a choice, what are all the other alternatives that are given up by making that choice called trade-offs.
All of economics is about tradeoffs. Any circumstance where choosing one course of action results in giving up another, often foregoing a reward or opportunity, is referred to as a tradeoff. A bonus in one area must be a minus in another, and in these zero-sum circumstances we encounter tradeoffs. The investigation of how humans distribute limited resources and bargain over opportunity costs is a central tenet of economic theory.
If we apply economic principles to resources other than money, economics provides instruments that we may utilize as guides for achieving our goals in life. Even while we all understand that money isn't limitless, we frequently treat our time, energy, and attention as if they are.
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Which of the following can a grocery store change in the long run?
A. the number of shelves, employees, and parking spaces in the parking lot
B. the type of grocery carts, magazine racks, and produce displays
C. the store location, sign on the storefront, and advertising on the media
D. all of the above
Answers
Answer:
I believe all of the above
Explanation:
went with what came to mind if its wrong very sorry.
A grocery store change, in the long run, is all of the above. Thus the correct option is D.
What is the importance of change?In order to remain in competition an organization needs to work on bringing change and innovation in the process as well as a product that helps them in achieving higher revenue by following trends and preferences.
If an organization adopts change frequently it shows its flexibility to cope with the demands of the market in order to meet the level of satisfaction of customers.
A grocery store that is planning to grow may eventually affect the number of shelves, staff, and parking places in the lot which helps in better services to their customers.
The design of the fruit displays, magazine racks, and grocery trolleys as well as the store's location, storefront sign, and media advertising can all help to increase sales and draw in more customers.
Therefore, option D is appropriate.
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discuss whether or not an increase in income tax will improve economic performance
Answers
Lower tax rates boost the after-tax advantage of working, saving, and investing, which increases the size of the economy.
Tax cuts have a beneficial influence on the size of the economy because they increase the after-tax benefit for working, saving, and investing.
By substitution effects, these larger after-tax rewards inspire additional work effort, saving, and investment.
Impact of Taxes on Resource Allocation: Taxation can influence the volume or quantity of production as well as the structure of production in the economy by diverting resources in the desired directions.
In the end, it may have some positive benefits on productivity.
If the assessed attempts tax evasion, the losses cannot be carried forward. If you fail to file your income tax return on time, you will be fined Rs 5000.
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3. Describe two real or made up situations in the workplace when you would need to use
speaking skills. (1-2 sentences. 2.0 points)
Answers
In order to reduce conflict, speaking skill, is the skill that helps to settle a disagreement or conflict between two parties, or amount group of people.
Why speaking skills is essential in workplace?
No company has stated in his vision or mission, to keep a zero conflict among staff, because it is believed that every workers and staff of the company is disciplined and should focus on why the company has hired him or her.
But on the other hand, conflict among workers in a company has been on increase. Because people differs so their ideology differs too. Conflict may not only be when a worker yells at a co worker, it can also be an argument between workers.
It is difficult to find a company made of more than 10 workers with out conflict among co workers, the conflict could be envy or side talks.
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HELP PLEASE
Six years ago, ABC Company invested $57,796 in a new machinery. The investment in net working capital was $7,614 which would be recovered at the end of the project. Today, ABC Company is selling the machinery for $16,842. Today, the book value of the machinery is $10,675. The tax rate is 32 percent. What are the terminal cash flows in Year 6?
Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.
Answers
To calculate the terminal cash flows in Year 6, we need to consider the sale of the machinery and the tax implications.
The sale price of the machinery is $16,842, and the book value is $10,675. The difference between the sale price and the book value represents a gain or loss on the sale of the machinery.
Gain/Loss on Sale = Sale Price - Book Value
Gain/Loss on Sale = $16,842 - $10,675
Gain/Loss on Sale = $6,167
Since the gain/loss is positive ($6,167), it indicates a gain on the sale. However, we need to consider the tax implications.
Tax on Gain = Gain on Sale * Tax Rate
Tax on Gain = $6,167 * 0.32
Tax on Gain = $1,973.44
To calculate the terminal cash flows, we need to subtract the tax on the gain from the sale price:
Terminal Cash Flows = Sale Price - Tax on Gain
Terminal Cash Flows = $16,842 - $1,973.44
Calculating the terminal cash flows, we find:
Terminal Cash Flows ≈ $14,868.56
Therefore, the terminal cash flows in Year 6 amount to approximately $14,868.56.
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what is the name given to the highest-valued alternative that must be given up to engage in any activity?
Answers
Potential loss the most valuable alternative that is forfeited in order to engage in an activity
The expense of the alternative that we forego when we make a certain choice, along with the advantages that we might have reaped if we had opted for the alternative, is known as the opportunity cost. It is known as "the value of the best alternative not chosen." Because of their relevance and implied future decision-making, they are not documented in the accounting.
A consumer's increased enjoyment from owning one extra unit of a good or service is known as marginal utility. Economists utilise the idea of marginal utility to estimate how much of a given good buyers are willing to buy.
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Part 1 Examine the financial statements of major, national, and regional air carriers in the U.S. and explain whether airlines rely more on external or internal funds as sources of financing for their aircraft? What might be the reason for the decision? Part 2 In the video, what do you think Mr. Tvardek means when he says, "in moving to the market, we have actually rationalized the export financing programs of governments in favor of a system which matches purchases to the value of the asset and repayment streams"? Do you think this is the fairest thing to do for the world's airlines?
Answers
The financial statements of major, national, and regional air carriers in the U.S., it appears that airlines rely more on external funds. The reason for this decision might be: due to the high capital costs associated with purchasing or leasing aircraft
Part 1: Upon examining the financial statements of major, national, and regional air carriers in the U.S., it appears that airlines rely more on external funds as sources of financing for their aircraft.
The reason for this decision might be due to the high capital costs associated with purchasing or leasing aircraft, as well as the need for airlines to maintain a strong cash position to cover operational expenses, such as fuel, maintenance, and labor.
By relying on external financing, airlines can preserve their internal funds for other purposes and take advantage of the lower interest rates and favorable terms offered by external sources.
Part 2: In the video, when Mr. Tvardek says, "in moving to the market, we have actually rationalized the export financing programs of governments in favor of a system which matches purchases to the value of the asset and repayment streams," he likely means that the shift towards market-based financing has led to a more efficient and rational allocation of resources.
This system ensures that the financing provided to airlines is more closely aligned with the actual value of the aircraft being purchased and the expected cash flows generated by the asset.
In terms of fairness, this approach can be seen as more equitable for the world's airlines, as it promotes transparency and consistency in financing decisions and ensures that airlines are not unduly favored or disadvantaged based on their location or government support.
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Who is down for a Amazon card trade for steam gift card
Answers
Answer:ok, sure,
Explanation:
Answer:
whats the question sir?
Explanation:
What does qualitative research and quantitative research means?
Answers
Answer:
Quantitative research is expressed in numbers and graphs. It is used to test or confirm theories and assumptions. This type of research can be used to establish generalizable facts about a topic.
Common quantitative methods include experiments, observations recorded as numbers, and surveys with closed-ended questions.
Qualitative research
Qualitative research is expressed in words. It is used to understand concepts, thoughts or experiences. This type of research enables you to gather in-depth insights on topics that are not well understood.
Common qualitative methods include interviews with open-ended questions, observations described in words, and literature reviews that explore concepts and theories.
Answer:
Qualitative research involves collecting and analyzing non-numerical data (e.g., text, video, or audio) to understand concepts, opinions, or experiences. It can be used to gather in-depth insights into a problem or generate new ideas for research.
Quantitative research is a research strategy that focuses on quantifying the collection and analysis of data.
You work in HR for a company that has recently merged with another. Upon merger you find that in the sales department there is some overlap. There are two high ranking sales people that have made their respective companies lots of money. The issue is that they work in the same sales territories and sell to several of the same companies. You do not want to lose your top sales people, but are unsure of being able to keep both. How would you handle this scenario?
Answers
Answer:
Explanation:
..
Assessment
71
Companies already on the stock market get to choose the price of their stocks.
True
False
Answers
Answer:
false cause people they alr on the stock market
Jake Olsen has decided to put $1,000 in the bank. List several questions Jake might want to ask before ch whether to put the money in a checking or a savings account.
Answers
Answer:
look at my comment
Explanation:
definition of trade-offs?
Answers
Answer:
Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations, when a plus in one area must be a negative in anothe
Explanation:
hope its helpful for if yes mark me as brilliant
Active listening is a process of communication in which the listener engages the speaker by repeating or rephrasing the speaker’s words; the listener may also mirror body language or _____.
apathetic behavior
tone of voice
nervous tics
hand gestures
Answers
Answer: tone of voice
Explanation:
Active listening refers to a process of communication whereby the speaker is engaged by the listener who repeats the words or statements heard.
Active listening involves the individual listening with all his or her senses and giving the speaker all the attention needed.
In active listening, the listener can mirror the body language or the tone of voice of the speaker. Active listening can be either acquired or developed through constant practice.
Which of the following does not fall into the field of marketing?
-restaurant management
-education
-e-commerce
-professional sales
Answers
Answer:
professional sales
Explanation:
sales
Why is making money important to having a successful life? What is the value of money to your future?
Answers
Answer:
It's important to have a job and make money so that you can be an independent person, buy a house, have access to food, etc. In my personal opinion though, you can have a successful life without making lots of money. Money is nice because it gives you something to fall back on, and it might feel validating at times.. but it is not what determines a successful life.
Explanation:
Hope this helps!
On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,300,000. The county estimated that 3 percent of the taxes levied would be uncollectible. As of April 30, 2024, the due date for all property taxes, the county had collected $3,995,000 in taxes. During the current fiscal year, the county collected $53,500 in delinquent taxes and $4,900 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,600 but only expects to collect $12,850 of that amount. At the end of the fiscal year (June 30, 2024), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year.RequiredRecord entries for the above transactions as stated in the individual statements below, and post corresponding information into the Revenues ledger as appropriate.Prepare journal entries to record the tax levy on July 1, 2023, in the General Fund. (Ignore all entries in the governmental activities journal.)Prepare a summary journal entry to record the collection of current taxes as of April 30.Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. (You may assume that these amounts had been designated as Deferred Inflows of Resources.)Prepare the journal entry necessary to reclassify the uncollected tax amounts as delinquent. Assume these taxes are not expected to be collected within 60 days of year-end.Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year-end.
Answers
Dr. Property Tax Receivable - Current $4,300,000.00. Cr. is the journal entry to reflect the tax levy on July 1, 2023. Current Taxes Estimated Uncollectible at $129,000. Cr. Property taxes brought in $4,171,000 in revenue.
What occurs when Florida property taxes are past due?All real estate taxes must be paid by March 31 each year under Florida law. The statute mandates that Tax Collectors hold an auction and sell "tax certificates" by June 1 if the taxes are not paid.
How much can Washington State's property taxes rise?Furthermore, in Washington State, unless voters approve a higher increase, the amount of revenue taxing districts, such as cities, school districts, and fire districts, for example, can collect each year is only allowed to increase by 1%.
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Which of the following is not an example of professional behavior
?