Sam and His Sister Shared an Inheritance from Their Aunt

question 29

Short Answer

Sam and his sister shared an inheritance from their aunt in the ratio of 4:5 respectively. Sam's share was $21,000. What was his sister's share?

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Definitions:

Work in Process

Inventory consisting of items that are in the production process but are not yet completed.

Ending Balance

The final amount in an account at the end of a period, calculated by adjusting the starting balance for charges, credits, and other financial activity.

Goods Sold

The total quantity of products that have been sold to customers.

Adjusted Cost

The cost of an asset after accounting for adjustments such as depreciation, improvements, or damage.