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

question 61

Multiple Choice

The provisions of a will currently undergoing probate are: "One thousand shares of Wal-mart stock to my son; $10,000 in cash from my savings account to my brother; $5,000 in cash to my daughter; and any remaining property divided equally between my son and daughter." At the time of death, the estate included 1,000 shares of Wal-mart stock and $6,000 cash in the savings account. What would the brother have received from the settlement of the estate?

• A) $0.
• B) $5,000.
• C) $6,000.
• D) $10,000.
• E) $11,000.

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Definitions:

Outstanding Checks

Checks that have been issued by a company but have not yet been cashed or cleared by the bank.

Petty Cash

A small amount of cash on hand used for minor or incidental expenses within a business.

Normal Balance

The side (debit or credit) of an account that is expected to have a greater balance based on standard accounting practices.

Asset

Resources owned or controlled by a business or individual that are expected to produce economic value or future benefits.