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Joe's estate consists of $500,000. His will makes the following bequests: $10,000 to his sister, Sally, $20,000 to his nephew Alex, and the rest of his estate to his mother, Carolyn. During the first year of the administration of his estate, his estate has earned $50,000 in income. Upon closing of the estate, his executor makes the specific bequests to Sally and Alex, and distribute all remaining assets to Carolyn. TRUE OR FALSE: Alex will have to claim the $20,000 as income as it was a distribution from the estate and the estate had $50,000 of income
First Simple Bank pays 8.3 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. Required: What rate should the bank set if it wants to match First Simple Bank over an investment hor..
Cool Water Inc. sells bottled water. The firm keeps in inventory plastic bottles at 12% of the monthly projected sales. These plastic bottles cost $0.005 each. The monthly sales for the first four months of the coming year are as follows, What is the..
The expected dividend payment next year of Extra Bounty Corporation will be $5.00 per share and expected to grow at a constant rate of 3.5% indefinitely. The investors require a rate of return of 8.25% on this stock. How much would you pay for this s..
Monica has decided that she wants to build enough retirement wealth that, if invested at 9 percent per year, will provide her with $3,600 of monthly income for 20 years. To date, she has saved nothing, but she still has 25 years until she retires. Ho..
Apple is under pressure from the Federal Bureau of Investigations and the Justice Department for access to phones belonging to shooters who killed 14 people in San Bernardino, California, late last year. Tim's message to customers. How does he balanc..
Frontier Bank offers one-year loans with a stated rate of 7.5 percent, charges a 1/4 percent loan origination fee, imposes a 5 percent compensating balance requirement, and has a 10 percent reserve requirement. Suppose that the pension fund you are m..
A lathe costs $30,000 and is expected to have a 7 year life. The lathe will be depreciated straight line over 7 years to an estimated salvage value of $2,000. This machine is expected to reduce the firm’s cash operating costs by $5,500 per year. If t..
Gap Analysis and Benchmarking for Anthonys Orchard - Conduct a gap analysis for Anthonys Orchard and a statement of where the organisation wishes to be by 2015 (use financial data for this, such as targeted revenues and/or profit)
Precision Machinists makes two grades of gears for industrial machinery: standard and heavy duty. The process requires two steps. Step-1 takes 8 minutes for the standard gear and 10 minutes for the heavy duty. How many of each gear should be made eac..
You want to borrow $62,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,300, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?
A reverse annuity mortgage is made with a balance not to exceed $300,000 on a property now valued at $700,000. The loan calls for monthly payments to be made to the borrower for 120 months at an interest rate of 11% MEY. No payments are made thereaft..
Immediately after a hurricane, it is likely that the quantity demanded for tree cutting/removal services will ______ the quantity supplied, causing the price of tree cutting/removal services to ______. The question of who pays the greater amount of a..
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