Answer:
1. Bad debt expense A/c Dr $3,250
To Account receivable A/c $3,250
(Being the uncollectible receivables are recorded)
2. $27,750
Explanation:
1. The adjusting entry is shown below:
Bad debt expense A/c Dr $3,250
To Account receivable A/c $3,250
(Being the uncollectible receivables are recorded)
2. The computation of ending balance of account receivable is shown below:
Ending account receivable balance = Beginning account receivable + credit sales - collections - written off amount
= $22,000 + $25,000 - $16,000 - $3,250
= $27,750
Wayne grants his cousin, Vinnie, a franchise in Wayne's local sandwich shop. Wayne writes the agreement so that he controls every detail of Vinnie's shop such that it is exactly the same as the original shop. He even consults with Vinnie about hiring employees and safety practices. One of Vinnie's employees fails to clean up a spill and a customer is injured. Wayne may be liable to the customer under.......................
Answer:
Agence law.
Explanation:
Agency law can be defined as an area of commercial law that deals with the relationship between a party that has legal authority to act in place of another, called an agent. The agent can be an individual, or some partnership or corporation. The agent deals with contractual, almost contractual and non-contractual fiduciary relationships.
The powers of the agency's law are to deal with contractual, almost contractual and non-contractual fiduciary relationships involving an agent.
GPD Corporation has operating income (EBIT) of $300,000, total assets of $1,500,000, and its capital structure consists of 40% debt and 60% common equity.Total assets equal total invested capital. The firm’s after-tax cost of capital is 10.5% and its tax rate is 40%. The firm has 50,000 shares of common stock currently outstanding and the current price of a share of common stock is $27.00. What is the firm’s Economic Value Added (EVA)?
Answer:
$22,500
Explanation:
First step is to calculate the net income which shall be calculated using the following formula:
EBIT $300,00
taxes(300,000*40%) ($120,000)
Net income $180,000
Now we have to calculate the EVA which can be determined using the below mentioned formula:
EVA=Net income- (invested capital*cost of capital)
=180,000-(1,500,000*10.5%)
=$22,500
GPD Corporation's Economic Value Added (EVA) is calculated by subtracting the capital charge from the Net Operating Profit After Taxes (NOPAT). The EVA for GPD Corporation is determined to be $22,500.
To calculate Economic Value Added (EVA) for GPD Corporation, we'll apply the formula EVA = NOPAT - (WACC * Total Invested Capital), where NOPAT is the Net Operating Profit After Taxes and WACC is the Weighted Average Cost of Capital.
First, we determine NOPAT by taking the Operating Income (EBIT) and subtracting taxes: NOPAT = $300,000 - ($300,000 * 40%) = $300,000 - $120,000 = $180,000.
Next, we'll calculate the Total Invested Capital which is equal to Total Assets, being $1,500,000 in this case.
Given the WACC of 10.5%, we can now compute the capital charge: Capital Charge = WACC * Total Invested Capital = 10.5% * $1,500,000 = $157,500.
Finally, we arrive at the EVA: EVA = NOPAT - Capital Charge = $180,000 - $157,500 = $22,500.
Thus, GPD Corporation's Economic Value Added (EVA) is $22,500.
Beta coefficients may be computed for investment companies and used to compute risk-adjusted rates of return.
O True O False
Answer:
True
Explanation:
The basic function of a beta coefficient is to measure the volatility or systematic risk. Firms and organisation analyse the beta coefficient before they invest in any new ventures because it helps to measure the risk-adjusted rate of returns. Beta coefficient measures the systematic risk which is the market risk, unpredictable and impossible to avoid.
Which of the following are common accounting myths? (Select all that apply.) Select one or more: a. Accounting focuses only on math. b. Accountants focus only on the past. c. Accounting should be taught at culinary schools.
Answer:
a. Accounting focuses only on math. b. Accountants focus only on the past. c. Accounting should be taught at culinary schools.
Explanation:
a. Because accounting deals largely with numbers, some people therefore believe that accounting is mathematics and the focus of accounting is mathematics
b. The saying that Accounting focuses on a company's historical data is a traditional legendary story told and accepted by both the educated and the uneducated.
Because some of the information or data that form the basis of the accountant's report are from period that has ended in the past, Accountants analysis and report are seen as ex-post examination rather than ex-ante.
c. Another popular view is that accounting should be taught in areas relating to cooking.
se the following information to do a horizontal analysis of Rae Company's income statement for the current year and prior year Account Current year Prior year Dollar Change % Change Cost of goods sold $ 389 comma 000 $ 302 comma 000 Selling/general expense $ 63 comma 000 $ 41 comma 000 Gross profit $102,600 $76,800 Net income $17,160 $22,000 What is the percentage change in cost of goods sold? A. 79.79% B. 28.79% C. 25.33% D. 40.43%
Answer:
The Correct Answer is B. 28.79%
Explanation:
The percentage change in cost of goods sold is 28.79%. This is calculated by subtracting Current year Cost of Goods Sold from prior year Cost of Goods Sold and divide the answer by prior year Cost of Goods Sold. The answer is multiplied by 100 to get a percentage. The calculation will be [($389,000 - $302,000) / $302,000] * 100.
Which of the following identifies the motivation for much of the foreign direct investment by non-U.S. firms? a. The desire to disperse production activities to optimal locationsb. The need to suppress emerging economies such as China, India, and Brazilc. The demand for skilled workers in foreign nationsd. The lack of adequate environmental regulationse. The establishment of multinational treaties
Answer:
The correct answer is letter "A": The desire to disperse production activities to optimal locations.
Explanation:
Land and society are factors influencing where a business should take its production. Thanks to the worldwide economy, it is not necessary for firms to specialize in what their country can provide since they can manage their manufacturing process in the country where they think the business could provide them more revenues. This scenario, in most cases, implies low labor costs and fewer regulations for the company to operate.
A good process should __________ and remove the inflexibility of a defined procedure of operation.
1. facilitate the adaptability
2. partition your mindset
3. provide a framework
4. reduce the randomness
A good process should facilitate the adaptability and remove the inflexibility of a defined procedure of operation.
Answer: Option 1.
Explanation:
A good process is the one which does not remain the same forever. It should have facilities for accepting the changes where ever they are needed. The changes should be done with time.
A good process should not be inflexible and it should be flexible. The flexibility only should make it adaptable to the changes over a period of time for more development.
Based on the preceding information, your calculations, and your assumptions, which of the following statements can be included in your analysis report? Check all that apply. A decline in the debt-to-equity ratio implies a decline in the creditworthiness of the firm. A plausible reason why Blue Hamster Manufacturing Inc.’s price to free cash flow ratio has decreased is that investors expect lower cash flow per share in the future. A decline in the inventory turnover ratio could likely be explained by operational difficulties that the company faced, which led to duplicate orders placed to vendors. A decline in the inventory turnover ratio can be explained by the new inventory management system that the company recently adopted, which led to more efficient inventory management.
Answer:
A decline in the debt-to-equity ratio implies a decline in the creditworthiness of the firm
and
A plausible reason why Blue Hamster Manufacturing Inc.’s price to free cash flow ratio has decreased is that investors expect lower cash flow per share in the future
Explanation:
Please refer the calculated ratios below
Ratios Calculated
Year 1 Year 2 Year 3
Price to cash flow 6.80 4.76 3.81
Inventory turnover 13.60 10.88 8.70
Debt to equity 0.60 0.48 0.38
The statements that can be included in the analysis report include:
A decline in the debt-to-equity ratio simply means when there is a reduction in the creditworthiness that the firm has.A plausible reason why Blue Hamster Manufacturing Inc.’s price to free cash flow ratio has decreased is that there are investors who expect lower cash flow per share in the future.The following information were given in year 1:
Price to ratio flow = 6.80
Inventory = 13.60
Debt to equity = 0.60
The following information were given in year 2:
Price to ratio flow = 4.76
Inventory = 10.88
Debt to equity = 0.48
The following information were given in year 3:
Price to ratio flow = 3.81
Inventory = 8.70
Debt to equity = 0.38
In conclusion, based on the above information, the reduction in the debt-to-equity ratio from 0.60 to 0.38 simply means that there's a reduction in the creditworthiness that a firm has.
In conclusion, the correct options are A and B.
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If the same accounting principles and methods are used for similar events by two different firms, this enhances what accounting qualitative characteristic?
Answer:
Comparability
A new product made from recycled bio-plastics needs 25 labor hours to complete the build for the first unit. If production operates at a 67% learning curve rate, calculate the average labor hours required per unit to produce five units.
Answer:
166.25 hours
Explanation:
It take 25 hours if the production is going at 100% capacity, but the production is only going at 67%, therefore, 33% of the capacity is under utilized. It takes 8.25 more hours to finish the unit since the capacity is only at 67%. Finally, it takes 25+8.25 hours to finish a single product, hence taking 166.25 hours for 5 units.
We do this like this:
--> 25 ------ 100
--> X ------ 33
--> 33*25 = 100*X
--> 825/100
--> X=8.25
Hope this clears everything. Thankyou.
The following balances are from the accounts of Tappan Parts: Jan 1 (Beginning) Dec 31 (Ending)Direct materials inventory $ 22,100 $ 24,500 Work-in-process inventory 33,000 29,400Finished goods inventory 5,700 6,900 Direct materials used during the year amount to $45,900 and the cost of goods sold for the year was $52,600. Required:Prepare a cost of goods sold statement
Answer:
Tappan Parts
Cost OF Goods Sold Statement
For the year Ending ---------------
Opening Inventory Materials $ 22,100
Add Purchases $ 48,300
Less Ending Inventory $ 24,500
Materials Used (given) $ 45,900
Add Conversion Costs $ 4,300
Total Manufacturing Costs $ 50,200
Add Opening Work In Process $ 33,000
Less Closing Work In Process $ 29,400
Cost Of goods Manufactured $ 53,800
Add Finished Goods Opening Inventory $ 5,700
Cost of Goods Available for Sale $ 48,100
Less Finished Goods Inventory $ 6,900
Cost of Good sold $ 52,600 (given)
As the Cost Of Goods Sold and Material Used are given we use these values to calculate the rest and do reverse operations
On January 1, Year 1, Johnston Company purchased a 40% interest in the common stock of Truly Inc. for $100,000. Johnston has significant influence but not control. On December 10, Year 1, Truly declared and paid dividends of $20,000. Truly reported net income of $50,000 for Year 1.
What is the book value of Johnston’s investment in Truly at the end of Year 1?
Answer:
$112,000
Explanation:
The Equity method shall be used in this question for determining book value of investment made by the Johnston company in Truly Inc because the investment gives the Johnston company the significant influence over the Truly Inc.
Under equity method, the book value of investment made by the Johnston company as at end of year 1 shall be determined as follow:
Amount invested initially $100,000
Add: Net income for the year $20,000
(50,000*40%)
Less: dividends received ($8,000)
(20,000*40%)
Book value of investment at end of year 1 $112,000
The book value of Johnston's investment in Truly at the end of Year 1 is $112,000, calculated as the initial investment of $100,000 plus Johnston's share of earnings ($20,000) minus dividends received ($8,000).
To calculate the book value of Johnston's investment in Truly at the end of Year 1, you need to consider the initial investment, share of earnings, and dividends received:
Initial Investment:
Johnston purchased a 40% interest in Truly Inc. for $100,000.
So, the initial investment is $100,000.
Share of Earnings:
Johnston owns a 40% interest in Truly.
Truly reported a net income of $50,000 for Year 1.
Johnston's share of earnings: 40% * $50,000 = $20,000
Dividends Received:
Truly declared and paid dividends of $20,000.
Johnston's share of dividends: 40% * $20,000 = $8,000
Now, let's calculate the book value of Johnston's investment:
Book Value = Initial Investment + Share of Earnings - Dividends Received
Book Value = $100,000 + $20,000 - $8,000
Book Value = $112,000
So, the book value of Johnston's investment in Truly at the end of Year 1 is $112,000.
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___________ are flexible and allow for explanation of difficult questions as well as demonstrating products, such as taste-testing or watching commercials.
Answer:
The correct answer is letter "C": individual interviews.
Explanation:
Individual interviews are marketing strategies by which salespeople offer products or services face-to-face as a form of creating a familiar atmosphere with potential customers and to allow them to make all the questions possibles in regards to the product so their concerns can be solved.
Answer:
C. Individual Interview
Explanation:
Interviews can be defined as a qualitative research technique which involves “conducting intensive individual interviews with a small number of respondents to explore their perspectives on a particular idea, program or situation.
In individual interviews, an interviewer talks with one user for 30 minutes to an hour. Individual interviews allow you to probe their attitudes, beliefs, desires, and experiences to get a deeper understanding of the users who come to your site. You can also ask them to rate or rank choices for site content.
Sylvestor Systems borrows $107,000 cash on May 15 by signing a 60-day, 6%, $107,000 note.
On what date does this note mature?
Answer:
14th July
Explanation:
The computation of the maturing date of the note is calculated below:
The Sylvestor Systems borrows the amount of $107,000 on May 15 at a 6% interest rate and the mature days of the note are 60 days
So, the maturity date would be
= 16 days in May month + 30 days in June month 14 days in July month
Therefore, the note is matured on 14th July
We simply calculated the 60 days from May to July months
On December 1, Victoria Company signed a 90-day. 8% note payable, with a face value of $16, 200. What amount of interest expense is accrued at December 31 on the note?
a. $0
b. $1, 296
c. $216
d. $108
e. $324
The interest expense accrued on the note payable by Victoria Company as of December 31, considering an 8% interest rate and a principal amount of $16,200, would be $108.
Explanation:The amount of interest expense accrued on the note can be calculated using the formula (Principal x Rate x Time). As per the given question, the principal amount is $16,200, the interest rate is 8% per annum, and the accrued time is 1 month (or 1/12th of a year) since it's due 90 days but we are calculating for 31 days (December month).
So, the calculation will be: $16,200 x 8/100 x 31/365. Which results in $108. Therefore, the interest expense accrued on the note as of December 31 is $108.
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Why do economists use models?
a. Models are used to add complexity to a simple world.
b.Models allow us to study a simplified version of a complex world.
c. Models allow us to control exogenous factors.
d. Models make the world harder to understand.
e. Models allow us to examine more factors than what actually exists in our world.
Answer:
b.Models allow us to study a simplified version of a complex world.
Explanation:
A economic model is a simplified version of reality that allows us to observe things.
Answer:
The correct answer is letter "B": Models allow us to study a simplified version of a complex world.
Explanation:
An economic model is a general and simplified assumption of real-world phenomena. Economists make models attempting to understand why those situations arise and to predict what their causes could be over time. In some cases, models can turn into theories after research and scientific support.
Well-constructed goals provide a means by which the performance of managers can be evaluated. a. True b. False
Answer:
The correct answer is letter "A": True.
Explanation:
Achievement of goals can be considered as a factor to measure the performance of managers. If stated clearly, meaning establishing what the goal is, under what conditions it must be accomplished, and after what period, those objectives can determine if executives are doing what is necessary to manage the business properly.
If you are willing to purchase a house for $500,000 and you purchase the house for $500,000, this transaction will generate:
Answer:
c. $0 worth of buyer surplus and unknown amount of seller surplus
Explanation:
Given that
Selling price of house = $500,000
The purchase value of house =$500,000
By considering the above information, the purchase and sales value are the same which reflects that the buyer surplus is zero and there is no definite amount or unknown amount of seller surplus as the data is not given.
Hence, the correct option is c.
When evaluating financial planning steps, we must consider all of the following, except:
a. The planning horizon for the next 2 to 5 years.
b. The project horizon for the next 30 to 90 days.
c. How all small projects are added up for one big project.
d. Identifying the total need investment for the plan.
e. Sets of assumptions for various scenarios.
Answer: all the above steps are considered when evaluating financial planning except OPTION C how all small projects are added up for one big project.
Explanation:
financial is delicate aspect of any b business and company. financing a project companies need to follow some steps. the financial planning of a company of business must consider the following: i. the planning horizon which is the time frame of the planning process.
ii. the project horizon which explain the feasibility time of the project.
iii. identifying the total need of the investment. this explain the importance of the project at that particular time
iv. sets of assumptions for various scenarios. this explain various alternative courses of action concerning the said project.
the above listed steps are the only considered steps. there are others such as identifying the current financial position of the company,reviewing and revising the plan,creating and implementation of the financial action and many more
skills allow a manager to be able to take a problem apart and determine where the snag is, then determine the best way to implement a correction.
Explanation:
Decision making:
Though it looks like closely matches, this skill enable people to take decision on various choices by analyzing its pros and cons. So this option goes invalid for the given situation.
Analytical:
This is the right choice. Analytical ability allows the person to analyze the problem, find the root cause and suggest possible solution.
Conceptual & Technical skill: These both are related to Technical aspect. But the given situation is based on the soft skill aspect.
According to the leadership grid developed by Blake and Mouton, which management style reflects moderate concern for production and people?
a. Authority-compliance management.
b. Impoverished management.
c. Team management.
d. Middle-of-the-road management.
Answer:
Middle-of-the-road management
Explanation:
Middle - of - the - road management -
It refers to the leadership style , which is plotted in the center of the grid , and the balanced concern between people and production is observed , is referred to as the Middle-of-the-road management .
These type of leaders helps to settles the average performance by the employees.
Hence, from the given information of the question,
The correct term is Middle-of-the-road management .
Continuous quality improvement depends heavily upon: Select one:
a. hard work
b. monitoring special causes of variance
c. use of checklists
d. employment of the PDCA cycle
Answer:
The correct answer is letter "D": employment of the PDCA cycle.
Explanation:
American statistic Edwards Deming (1900-1993) proposed the Plan-Do-Check-Act (PDCA) or Deming's cycle which is a strategy based on continuous quality improvement within a business in four (4) steps. This approach can also be applied when starting a new business or when a change in a firm must be implemented.
The two segments of the organization's environment are general and specific. Using an organization for which you are familiar, identify the factors that operate in each. Why is it important to understand an organization's environment?
Answer:
Explanation:
So, we can look at this from 2 perspectives.
First of all, general environmental aspects like political, economical, social, technological, environmental and legal factors (PESTEL).
Furthermore, there are more detailed environmental factors as suppliers, competitiors and customers.
All of these affect business and its nature. We can take any business (Apple, Target, Wall - mart, Hilton Hotels etc.) and observe that both general and specific external environmental factors affect these businesses and their operations.
The organization's environment consists of two segments, namely the general and specific environments. The general environment includes broader aspects like culture, economy, and technology, while the specific environment relates directly to the organization's operations. Understanding these environments is crucial for strategic decision-making and competitiveness.
Explanation:The organization's environment is split into two segments: general and specific. An example of a company that I am familiar with is Starbucks. The general environment consists of factors that could have an impact on any company, like economic conditions, cultural trends, or technological changes. For Starbucks, this could include the current economy's state, coffee consumption trends, and recent technology advancements being utilized in stores.
The specific environment comprises factors that directly impact the organization, such as competitors, suppliers, and customers. For Starbucks, competing coffee shops, coffee bean suppliers, and frequent coffee drinkers are all part of its specific environment.
Proper understanding of an organization's environment is crucial as it influences strategic decision-making, future planning, and overall sustainability of a firm. It enables the company to identify opportunities and threats, plan accordingly, and stay competitive within their industry.
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Given that globalization connects countries in many ways, managers need to pay close attention to economic environments to understand how _____.
Answer:
distinguish one place from another.
Explanation:
Globalization corresponds to a process of economic, political, cultural and social integration between different countries, which was motivated by the advance of new technologies, which boosted communication and transportation between different countries.
Globalization has a significant impact on the world, it affects communication, the movement of goods and resources, international trade and other variables.
Therefore, it is important that in a company that wants to expand in the world market to have an organizational culture focused on a world view of management, prioritizing the internal and external environment that differs according to the country in which the business activities are implemented. It is necessary for managers to have an ethical view of doing global business, where there is respect for different cultures and a positive organizational climate.
It is also important to segment the local market, taking advantage of all the small opportunities that a new market can offer, such as reducing costs and maximizing profits, government incentives and hiring experienced employees in the local market.
The organization's leadership should establish the flow-down objectives to set the stage for establishing the guiding principles such as the vision and mission.a. Trueb. False
Answer:
The correct answer is letter "B": False.
Explanation:
The flow-down in management represents the activities executives perform when each individual department establishes their objectives and they are reported to the next level in the hierarchy department so the manager of that department approves or modifies it to align the overall organization's goals.
Setting the corporation's vision and mission is not part of this approach.
Yes, the organization's leadership should create flow-down objectives to lay the groundwork for formulating guiding concepts such as vision and mission. It's imperative that these objectives align with and support the wider strategy, vision, and mission.
Explanation:The statement is true. In an organization, its leadership should indeed create flow-down objectives. These objectives serve as specifics that result from the top-level goals of an organization and are passed down for execution. This action sets the stage for defining the guideposts like the vision and mission. It is crucial for leaders to ensure that these objectives align with, and support the realization of the organization's broader strategy, vision, and mission.
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Which strategy refers to the creative approach used throughout a campaign, which should flow from the brand's positioning statement
Answer:
The correct answer is: Creative strategy.
Explanation:
The creative strategy is the marketing plan a company sets to contribute to the achievement of its goal. Before this step, a study of the target market and customer of the company is necessary so the firm's publishers have an idea of who they are dealing with to introduce the good or service of the company in an engaging form.
The strategy in question is the creative strategy in advertising, including product-oriented and consumer-oriented strategies, and is embedded in a brand's advertising campaign to achieve certain objectives.
Advertising Strategies Based on Brand Positioning
The strategy that refers to the creative approach used throughout a campaign, flowing from the brand's positioning statement, is commonly part of the creative strategy in advertising. The process of developing this strategy involves turning resources into goals and does not solely depend on the amount of resources like money or people but rather on how these resources are utilized to achieve a particular purpose. Two main types of strategies are product-oriented and consumer-oriented.
Product-oriented strategy highlights the specific benefits and features of the product or service, such as absorbency and strength in paper towels or unique offerings from a brand like McDonald's famous french fries. On the other hand, the consumer-oriented strategy connects with the audience's lifestyle or aspirations, such as car commercials that show an attractive person driving along a scenic road, rather than focusing on the car's features. Moreover, it is possible to combine various ideas and strategies to increase the chances of accomplishing the campaign's goals.
The social marketing model outlines five steps in the campaign process: planning, theory, communication analysis, implementation, and evaluation. In the theory step, which involves completing a creative brief, advertisers seek the best way to achieve the campaign objectives by using research to inform strategic decisions. Additionally, aspects such as the message, color choices, layout design, and graphic elements play crucial roles in the overall theme of a brand.
The majority of all U.S. firms employ:
a.more than 5,000 employees.
b.1,000 to 3,000 employees.
c.3,000 to 5,000 employees.
d.500 or fewer employees.
The majority of all U.S. firms employ 500 or fewer employees.
Explanation:
In 2016 there had been 5.6 million employers ' companies in the U.S. According to information from the Yearly Businessmen Survey of the Census.
99.7 percent of all companies were corporations with less than 500 employees. The organization accounts for 98.2 percent, with less than 100 employees.Companies with less than 20 staff accounted for 89.0%.As per the Census Bureau of labor statistics of USA, among worker C companies in 2015. 84.9% of companies employed under 20 workers, 96.4% fewer than 100 workers and 99.0% had far less than 500 workers. When you bring in non-employer firms, 89.5 percent of all C companies are staffed with less than 20 employees.
Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B), statement of retained earnings (E), or statement of cash flows (CF).
(BS) Assets
(CF) Cash from operating activities
(E) Dividends
(BS) Equipment
(IS) Expenses
(BS) Liabilities
(CF) Net decrease (or increase) in cash
(IS) Revenues
(BS) Total liabilities and equity
Answer:
Assets (B)
Cash from operating activities (CF)
Dividends (E)
Equipment (B)
Expenses (I)
Liabilities (B)
Net decrease (or increase) in cash (CF)
Revenues (I)
Total liabilities and equity (I)
Explanation:
The balance sheet shows the assets, liabilities and equity of an entity as at a given date.
The income statement shows the revenue and expenses of the entity for the period ended while the statement of retained earnings shows the movements within the retained earnings account during the review period.
The statements of cashflow shows the net flow of cash from the company's activities namely; Operating, investing and financing activities.
One of the most popular reasons why thousands of people seek to go into the restaurant industry is:_______
One of the most popular reasons why thousands of people seek to go into the restaurant industry is the possible financial rewards
Explanation:
Positive Reinforcement: While there’s a time and place for constructive criticism, positive reinforcement can be just as effective in increasing productivity. When you reward restaurant staff members who go the extra mile, it boosts their confidence and desire to take on more responsibility
Employee Retention: Deciding to reward restaurant staff could help reduce employee turnover.
Team Building: Everybody wins (including you) when you reward restaurant staff for a job well done. After employees receive a great reward or prize, expect to see them working more closely together on future projects.
Travis’s will states, "I give to my brother Ubi my gold pocket watch."This isa.a general legacy.b.a residuary.c.a specific bequest.d.a specific devise
This a specific bequest because it is written in a will
Explanation:
There are different types of legacy wills that are passed on from one generation to the other and the will which is given in the statement is identified as specific bequest
This is the gift that is made at the time of the death that is through a testament or by a living trust and the assets or the item is passed on from one legacy to another and here the gold watch is passed down to his brother so that he can hold it until his death
The correct option is c. a specific bequest.
In the context of wills and estates, different terms are used to describe various types of gifts left to beneficiaries.
a. A general legacy is a gift of money or personal property that is not specifically identified. It is payable out of the general assets of the estate.
b. A residuary legacy is a gift of the remainder of the estate after all other gifts, debts, taxes, and expenses have been paid.
c. A specific bequest is a gift of a specifically identified item of personal property, such as a piece of jewelry, a car, or in this case, a gold pocket watch.
d. A specific devise is similar to a specific bequest but refers specifically to real property, such as land or buildings.
Since Travis's will states that he gives his gold pocket watch to his brother Ubi, this is a specific bequest because it is a gift of a specifically identified item of personal property. Therefore, the correct answer is that it is a specific bequest.