The Provisions of a Will Currently Undergoing Probate Are: "One

question 39

Multiple Choice

The provisions of a will currently undergoing probate are: "One thousand shares of Wal-Mart Stores stock to my son; $10,000 in cash from my Astoria Savings Bank account to my brother; $5,000 in cash to my daughter; and any remaining property divided equally between my son and daughter."Assuming at the time of death the estate included 1,400 shares of Wal-Mart Stores stock and $25,000 cash in the savings account, what would the son have received from the settlement of the estate?

• A) 1,000 shares of Wal-Mart stock and $15,000 cash.
• B) 1,000 shares of Wal-Mart stock and $0 cash.
• C) 1,000 shares of Wal-Mart stock and $10,000 cash.
• D) 1,200 shares of Wal-Mart stock and $5,000 cash.
• E) 1,400 shares of Wal-Mart stock and $5,000 cash.

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Definitions:

Accounts Receivable

Amounts owed to a business by its customers for goods or services delivered on credit, representing a claim against the customers that is expected to be paid within a short duration.

Inventory

The total amount of goods and materials held by a company in stock, used for production or sale.

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit.

Currency Swap

A financial agreement to exchange principal and interest in one currency for the same in another currency.