Test bank advanced accounting 10e by beams chapter 22

To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Chapter 22 Test Bank ESTATES and TRUSTS Multiple Choice Questions Which of the following phrases is frequently used to refer to estate or trust accounting? a b c d Non-profit accounting Testamentary accounting Fiduciary accounting All of the above phrases are used to refer to estate or trust accounting In reference to accounting for trusts or estates, which of the following statements is correct? a Estates are subject to taxation, but trusts are not b Estates are subject to probate laws that vary widely across the fifty states c Estates are subject to income taxes at the federal level, but not at the state level d All of the above are correct In reference to estates, which of the following statements is correct? a An estate comes into existence at the death of an individual b If the deceased person had a valid will at the time of death, he or she is said to have died intestate c If the deceased person did not have a valid will at the time of death, he or she is said to have died testate d None of the above statements is correct Under the Uniform Probate Code the term personal representative refers to which of the following? a b c d An executor, but not an administrator An administrator, but not an executor Neither an executor nor an administrator Either an executor or an administrator ©2009 Pearson Education, Inc publishing as Prentice Hall 22-1 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com In reference to the probate process, which of the following statements is correct? a The personal representative of the deceased can file a petition with the appropriate probate court requesting that an existing will be probated b All states have adopted the Uniform Probate Code c The American Bar Association was solely responsible for writing the Uniform Probate Code d All of the above statements are correct Under the Uniform Probate Code, the personal representative must inform the heirs and devisees of his or her appointment and provide other selected information within how many days of the appointment? a b c d A general devise A specific devise A testamentary allocation An administrative devise Under the amended Uniform Probate Code, if the decedent dies intestate, and if there are descendants from a prior marriage or relationship, the surviving spouse receives what? a b c d days days days days Which of the following is a gift of an object to a devisee? a b c d 10 20 30 60 $25,000 and 2/3 of the remaining intestate estate $200,000 and 1/3 of the remaining intestate estate $50,000 and 1/2 of the remaining intestate estate $100,000 and 1/2 of the remaining intestate estate The executor or administrator of a will is required to prepare and file an inventory of property owned by the deceased within what time period? a b c d One month of appointment Two months of appointment Three months of appointment 45 days of appointment ©2009 Pearson Education, Inc publishing as Prentice Hall 22-2 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 10 In reference to the Uniform Probate Code, which of the following statements is correct? a The Code entitles the surviving spouse to a homestead exemption that is exempt from, and has priority over, all claims against the estate b The Code provides a homestead exemption to the surviving spouse of $15,000 in all states c The Code provides a uniform entitlement of $12,500 in household furniture and other personal effects in all states d All of the above are correct 11 Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided? a b c d 12 For For For For one week two weeks three weeks five weeks If estate assets are insufficient to pay all claims in full, under the Uniform Probate Code which of the following would be paid first? a Reasonable funeral expenses b Necessary medical and hospital expenses of the last illness of the decedent c Unsecured debts d The costs and expenses of administration of the estate 13 Which of the following are entitled to the remainder of the estate after all other rightful claims on the estate have been satisfied? a b c d Remainder beneficiaries Residual beneficiaries Alternate beneficiaries Secondary beneficiaries ©2009 Pearson Education, Inc publishing as Prentice Hall 22-3 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 14 In reference to estate principal and income, which of the following statements is correct? a A primary reason for dividing estate principal and estate income is that the beneficiaries are often different b In accounting for the decedent’s estate, the receipts due but unpaid at the date of death are considered estate principal c After death, earnings from income-producing property are estate income, unless the will specifically provides otherwise d All of the above are correct 15 Under the Revised Uniform Principal and Income Act, as amended in 2006, which of the following expenses incurred in settling the decedent’s estate would be charged against the income of the estate, and not the estate’s principal? a b c d 16 What is the document prepared by the executor or administrator to show accountability for estate property received and maintained or disbursed in accordance with the will? a b c d 17 Funeral expenses Attorney’s fees Estate taxes All of the expenses would be charged against the principal of the estate The The The The Administrator/Executor’s Fiduciary Report charge-discharge statement Administrator/Executor’s Testamentary Report Administrator/Executor’s Principal/Income Report Which type of trust is created pursuant to a will? a b c d A A A A testamentary trust Crummey trust generation-skipping trust life estate trust ©2009 Pearson Education, Inc publishing as Prentice Hall 22-4 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18 In reference to the potential taxation of an estate, which of the following statements is correct? a An estate may be subject to taxation at both the state and federal level b The taxable amount of an estate is based on the book values of all estate assets at the time of death c The estate value is not reduced by such expenses as funeral expenses, bequests to qualified charities, or state-level taxes d All of the above are correct 19 What is the current annual gift amount that can be left to an individual donee, without being subject to a potential gift tax? a b c d 20 $7,500 $12,000 $17,500 $20,000 What is the dollar amount of the federal lifetime maximum gift tax exclusion? a b c d $24,000 $600,000 $1,000,000 $2,000,000 ©2009 Pearson Education, Inc publishing as Prentice Hall 22-5 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise One A client has asked you to address the ramifications of having prepared a valid will prior to death Discuss the initial process that her survivors would face if she either has a valid will or if she dies without preparing a valid will Exercise Two You are serving as the executor for the estate of Dr John Carrell The following transactions occur during the February, 2009 Dr Carrell died on January 25, 2009 In John’s will, he included a bequest to the American Society for the Prevention of Cruelty to Animals (ASPCA) for $125,000 After examining the assets, you determined that the estate’s assets will adequately cover all expenses and specific devises, so on February 3, you issued a check to the ASPCA for $125,000 On February 11, you issued a check to pay John’s final medical expenses of $31,500 On February 15, you received a check in the amount of $52,500 from First State Bank of Denton It is the maturity value and interest from a certificate of deposit in the amount of $50,000 that was not included in the estate’s initial inventory The CD matured on January 22, 2009 On February 26, you received interest of $3,000 on Denton City bonds Interest of $450 was earned after the date of death The balance was earned prior to death, and had been accrued The bonds were included in the initial inventory On February 28, you issued a check to pay John’s funeral expenses of $9,800 Required: Prepare the necessary journal entries for the above transactions You may ignore any estate or income taxes ©2009 Pearson Education, Inc publishing as Prentice Hall 22-6 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Three Bill Barker is the executor for the estate of Ruth Johnson Ruth owned a home worth $200,000, with a remaining mortgage amount of $80,000, personal effects worth $8,000, an investment portfolio worth $150,000 on the date of death, and approximately $7,500 in cash in various accounts The home was left to her daughter in the valid will that Ruth had executed prior to her death Ruth did not have a surviving spouse, but she did have a minor daughter, who is independently wealthy after inventing a cutting-edge software program The state in which Ruth resided, allows a $15,000 homestead allowance, and a $10,000 personal effects entitlement After taking an inventory, and converting all of the assets, except for the home and the personal effects, into cash, there is $159,000 for Bill to distribute to the appropriate devises, beneficiaries, and creditors Bill has identified the following expenses and bequests: Her unpaid final medical expenses were $24,000 Ruth left a bequest of $100,000 to her church The costs and expenses of administering the estate were $21,000 Real estate taxes of $3,600 are past due The unpaid funeral expenses were $8,700 Required: Prepare a schedule that will list the disbursements of assets Assume that the state in which Ruth resided has adopted the Uniform Probate Code ©2009 Pearson Education, Inc publishing as Prentice Hall 22-7 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Four You are serving as the executor for the estate of Dr Mary Carlson The following transactions occur during the August 2009 Dr Carlson died on July 30, 2009 On August 6, you received interest of $6,000 on State of Colorado general revenue bonds Interest of $1,200 was earned after the date of death The balance was earned prior to death, and had been accrued The bonds were not included in the estate’s initial inventory The maturity value and fair market values of the bond are $100,000 On August 11, you issued a check to pay a probate court fee of $900 The estate included 20,000 shares of Baker Rudolph, International’s common stock, valued at $70 per share On the date of her death, there were no outstanding dividends receivable On August 14, you read that a dividend of $1.50 per share was declared In Mary’s will, $175,000 After estate’s assets devises, so on $175,000 On August 25, you issued a check to pay Mary’s final medical expenses of $27,500 On August 28, you received a check for $30,000 for the common stock dividends paid by Baker Rudolph, International she included a bequest to the National Zoo for examining the assets, you determined that the will adequately cover all expenses and specific August 23, you issued a check to the Zoo for Required: Prepare the necessary journal entries for the above transactions You may ignore any estate or income taxes ©2009 Pearson Education, Inc publishing as Prentice Hall 22-8 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Byron Ratliff has been appointed to serve as the executor of the estate of Ms Juanita Davis, who passed away at the age of 104 on April 5, 2009 Ms Davis’s assets consisted of the following: Asset Cash Money market accounts Cooper Incorporated common stock Porsche 911 Carrera Condominium in Jackson, WY Personal residence in Hutchinson, KS Black velvet Elvis paintings collection City of Alma, AR municipal bonds Ski boat Book Value $20,000 210,000 52,000 120,000 365,000 185,000 19,900 20,000 25,000 Fair Value $20,000 210,000 205,530 78,000 1,450,000 225,000 92,000 24,000 14,500 The probate court has ruled that any other personal effects may be excluded from Ms Davis’s estate inventory ©2009 Pearson Education, Inc publishing as Prentice Hall 22-9 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Six Norma Carrell is serving as the executrix for the estate of Dixon Cooper, who passed away on January 28, 2009, at the age of 98 Dixon’s estate consisted of Treasury bonds with a maturity value and fair market value of $1,400,000, $4,000 in his checking account, and $50,000 in a certificate of Deposit with First State Bank of Denton Total accrued interest at the time of death was $44,000, made up of $2,000 from the CD and $42,000 from the bonds Dixon left a valid will, which provided that most of his estate would be inherited by his two nephews, Shelly Williams and Chuck Fuller In addition to the bequests for his nephews, Dixon provided that $200,000 be transferred to a trust account for his faithful cats, Houdini and Maxine Income from the trust would be used to care for Max and Houdini Upon their passing, the remaining funds would then transfer to Operation Kindness, an organization that cares for cats and dogs Ms Carrell will also serve as the fiduciary for the trust She has determined that no state or federal inheritance taxes are due The limited estate income is also free from any federal or state income tax The following transactions occurred during February On February 3, Norma sold the treasury bonds for $1,452,000 $1,400,000 was for the fair market value of the bonds, $42,000 was for interest accrued to the time of Dixon’s death, and the remaining $8,000 was for accrued interest since Dixon’s death On February 11, Norma issued a check to pay Dixon’s final medical expenses of $11,900 On February 15, Norma received a check in the amount of $52,000 from First State Bank of Denton It is the maturity value and interest from a certificate of deposit in the amount of $50,000 The CD matured on January 22, 2009 In Dixon’s will, he included a bequest to the American Humane Society for $150,000 After examining the assets, Norma determined that the estate’s assets will adequately cover all expenses and specific devises, so on February 3, she issued a check to the organization for $150,000 On February 18, Norma transferred $200,000 to a trust account at First State Bank to fund the trust On February 25, Norma issued a check to pay Dixon’s funeral expenses of $9,800 On February 26, Norma paid herself the $4,000 executor’s fee specified in Dixon’s will ©2009 Pearson Education, Inc publishing as Prentice Hall 22-10 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Nine You are serving as the trustee for the Clifford Cooper testamentary income trust The trust was created by Clifford’s will All of his assets were transferred to the trust to cover the living expenses of his wife, Juanita Upon her death, the assets are to be sold, with the proceeds distributed to his brother, Edward If Edward is not alive when Juanita passes, the proceeds are to go to the Cooper Scholarship in Journalism The probate court has ruled that all personal effects and household items could be excluded from the estate All taxes have been paid, and the following assets remain to be transferred to the trust: Asset Cost Cash $260,000 $260,000 120,000 120,000 Carter Company common stock 55,000 345,000 Trump common stock 75,000 15,000 Lake house in the Ozarks (his share) 149,000 342,000 Personal residence (his share) 226,000 540,000 Antique sports car 35,000 53,000 7,000 24,000 Certificates of deposit Coin collection Fair Market Value Required: Prepare the journal entries for the creation of the trust ©2009 Pearson Education, Inc publishing as Prentice Hall 22-13 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Ten Rufus Holt died on May 1, 2009 He left his entire estate, valued at $6,100,000 to his sole surviving family member, his daughter, Ethel Prior to any distribution of assets, Rufus’s estate reflected the following details: Funeral expenses $10,200 Executor’s fees 4,500 Estate liabilities 145,000 Final Medical expenses 22,100 Required: a Calculate the federal tax on Mr Holt’s estate You may ignore any state-level inheritance taxes and assume that the federal tax rate is 45% ©2009 Pearson Education, Inc publishing as Prentice Hall 22-14 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com SOLUTIONS Multiple Choice Questions c b a d a c b d c 10 a 11 c 12 d 13 b 14 d 15 d 16 b 17 a 18 a 19 b 20 ©2009 Pearson Education, Inc publishing as Prentice Hall 22-15 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise One When she dies, an estate will come into existence If she has a valid will in effect at the time of death, she will have died testate If she were to die without a valid will in force, she would die intestate No matter the status upon her death, typically, a probate court will appoint a personal representative to take control of the estate’s assets If she dies testate, then her representative will be the executor of her will In most cases, the decedent chose this person prior to her death If she dies intestate, the court will name the representative, who will be the administrator of the will Contrary to popular myth, if she dies intestate a governmental entity will not receive the assets of the estate, unless she has no identifiable heirs Her assets will eventually be distributed to her surviving heirs However, if she dies intestate, the laws of her state will direct the distribution of assets Each state has its own regulations, and a party dying intestate might not have agreed with the state’s distribution ratios For example, the state might distribute a significant percentage of the estate’s assets to the decedent’s children, when the decedent wanted the entire estate to be assigned to the spouse The decedent might have desired to allocate a portion of the estate to charities or outside parties not addressed by the state’s regulations By dying intestate, the decedent has relinquished the possibility of a unique distribution allocation, and has, by default, chosen the state’s generic asset allocation Other issues arise when the decedent dies intestate For example, the probate expenses faced by the estate are often higher, because of the lack of a valid will Also, the distribution of the estate’s assets will typically take longer, because of the lack of prior decedent guidance The court-appointed administrator often takes longer than an executor chosen by the decedent because of such factors as lack of familiarity with the decedent’s assets and devisees, and the additional documentation that often arises in a distribution plan for an intestate decedent ©2009 Pearson Education, Inc publishing as Prentice Hall 22-16 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Two Devise – ASPCA (E, -SE) 125,000 Cash (-A) Medical Expenses (E, -SE) 125,000 31,500 Cash (-A) Cash – Principal (+A) 31,500 52,500 Assets subsequently discovered (-A) Cash (+A) 52,500 3,000 Interest receivable (-A) 2,550 Estate Income (R, +SE) Funeral Expenses (E, -SE) 450 9,800 Cash (-A) ©2009 Pearson Education, Inc publishing as Prentice Hall 22-17 9,800 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Three Remaining balance Beginning cash balance $159,000 The Uniform Probate Code (UPC) provides a homestead allowance that takes priority over all other claims In Ruth’s state, it is $15,000, so the first $15,000 in cash goes to her minor daughter, since there was no surviving spouse The daughter also receives $8,000 in personal effects, since this also takes precedence over any other claims $144,000 After the homestead allowance and the entitlement for personal effects, the next item to be paid is the costs and expenses of the estate’s administration, which were $21,000 123,000 After the costs and expenses of the estate’s administration, the next items to be paid are the expenses of the funeral and the final medical expenses, which were $32,700 ($8,700 + $24,000) 90,300 After the expenses of the funeral and the final medical bills, the next category would be debts and taxes with preference under either state or federal law In Ruth’s case, this would be the $3,600 in past-due real estate taxes 86,700 After past-due real estate taxes, Ruth does not have any other outstanding debts Since no provisions were made to pay off the mortgage, and since Ruth’s daughter appears to be financially secure, the title to the home is transferred to her daughter with the remaining $80,000 mortgage unpaid If the daughter sells the home, the sales proceeds will be reduced by the funds necessary to pay off the loan The remaining $86,700 would be distributed to Ruth’s church, which would then deplete the estate’s funds The church would not receive the $13,300 difference between the $100,000 bequest and the actual distribution of $86,700 $0 ©2009 Pearson Education, Inc publishing as Prentice Hall 22-18 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Four Bond Receivable (+A) 100,000 Interest receivable (+A) 4,800 Assets subsequently discovered (-A) Cash (+A) 104,800 6,000 Interest receivable (-A) 4,800 Estate Income (R, +SE) 1,200 Probate court expenses (E, -SE) 900 Cash (-A) Dividends receivable (+A) 900 30,000 Estate income (R, +SE) Devise – National Zoo (E, -SE) 30,000 175,000 Cash (-A) Medical expenses (E, -SE) 175,000 27,500 Cash (-A) Cash (+A) 27,500 30,000 Dividends Receivable (-A) ©2009 Pearson Education, Inc publishing as Prentice Hall 22-19 30,000 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Five Juanita Davis, Testator Inventory of Estate Assets As of the date of Death on April 5, 2009 Description of Property Fair Value Cash $20,000 Money market accounts 210,000 Cooper Incorporated common stock 205,530 Porsche 911 Carerra Condominium in Jackson, WY Personal residence in Hutchinson, KS 78,000 1,450,000 225,000 Black velvet Elvis paintings collection 92,000 City of Alma, AR municipal bonds 24,000 Ski boat 14,500 $2,319,030 Submitted by Byron Ratliff, executor ©2009 Pearson Education, Inc publishing as Prentice Hall 22-20 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Six Estate Inventory Dixon Cooper, Testator Inventory of Estate Assets As of the date of death on January 28, 2009 Description of Property Fair Value Cash in First State Bank of Denton $4,000 Certificates of deposit, includes $2,000 accrued interest 52,000 Treasury bonds 1,400,000 Interest receivable-treasury bonds 42,000 Personal effects* $1,498,000 *The probate court permitted exclusion of Dixon’s personal effects from the estate inventory Prepared by Ms Norma Carrell, Executrix, Denton, TX Journal entries to record inventory Cash-principal (+A) 4,000 Certificate of deposit(+A) 50,000 Treasury bonds receivable (+A) Due July 1, 2016 Interest receivable-certificate of deposit Interest receivable-treasury bonds 1,400,000 2,000 42,000 Estate Principal ©2009 Pearson Education, Inc publishing as Prentice Hall 22-21 1,498,000 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Journal entries to record February activities Cash (+A) 1,460,000 Interest receivabletreasury bonds (-A) 42,000 Estate Income (R, +SE) 18,000 Treasury bonds receivable (-A) Medical Expenses (E, -SE) 1,400,000 11,900 Cash (-A) Cash – Principal (+A) 11,900 52,000 Interest receivable (-A) 2,000 Certificate of deposit (-A) 50,000 Devise – Am Humane Soc (E, -SE) 150,000 Cash (-A) Devise-Houdini/Max trust account (E, -SE) 150,000 200,000 Cash (-A) Funeral Expenses (E, -SE) 200,000 9,800 Cash (-A) Executrix expenses (E, -SE) 9,800 4,000 Cash (-A) 4,000 Devise-Shelly Williams (E, -SE) 570,150 Devise-Chuck Fuller (E, -SE) 570,150 Cash (-A) ©2009 Pearson Education, Inc publishing as Prentice Hall 22-22 1,140,300 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Seven Closing Entries Estate principal (-SE) 1,498,000 Estate income (-R,-SE) 18,000 Funeral expenses (-E,+SE) 9,800 Executrix expenses (-E,+SE) 4,000 Medical expenses (-E, +SE) Devise – Houdini/Maxine Trust 11,900 200,000 (-E,+SE) Devise – American Humane Society 150,000 (-E,+SE) Devise – Shelly Williams 570,150 (-E,+SE) Devise – Chuck Fuller (-E,+SE) ©2009 Pearson Education, Inc publishing as Prentice Hall 22-23 570,150 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Charge-Discharge Statement Estate of Dixon Cooper Charge-Discharge Statement For the period of estate administration, January 28 to February 28, 2009 Estate principal I charge myself for: Assets included in estate inventory - total estate principal charge $1,498,000 I credit myself for: Funeral expenses paid $ 9,800 Executrix expenses paid 4,000 Medical expenses paid 11,900 Devise paid in cash to Houdini/Maxine Trust 200,000 Devise paid to American Humane Society 150,000 Devise paid in cash to Shelly Williams 561,150 Devise paid in cash to Chuck Fuller 561,150 Total estate principal discharge $1,498,000 Estate income I charge myself for: Estate income received during estate administration $18,000 I credit myself for: Payment of estate income to Shelly Williams 9,000 Payment of estate income to Chuck Fuller 9,000 $18,000 Respectfully submitted, Norma Carrell, Estate Executrix, February 28, 2009 ©2009 Pearson Education, Inc publishing as Prentice Hall 22-24 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Eight 2/18 Cash (+A) 200,000 Trust fund principal (+SE) 2/19 200,000 Money market account (+A) 5,000 Certificate of deposit (+A) 195,000 Cash (-A) 2/20 Trust fund expenses (E, -SE) 200,000 368 Cash (-A) 2/24 Trust fund expenses (E, -SE) 368 182 Cash (-A) 6/25 Trust fund expenses (E, -SE) 368 405 Cash (-A) 8/19 Cash (-A) 405 5,850 Trust fund income 12/22 Trust fund expenses (E, -SE) 5,850 722 Cash (-A) ©2009 Pearson Education, Inc publishing as Prentice Hall 22-25 722 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Nine Asset Cash (+A) 260,000 Certificates of deposit (+A) 120,000 Carter Company common stock (+A) 345,000 Trumpe common stock (+A) 15,000 Lake house in the Ozarks (+A) (his share) 342,000 Personal residence (+A) (his share) 540,000 Antique sports car (+A) 53,000 Coin collection (+A) 24,000 Trust fund principal (+SE) 1,699,000 To record receipt of property transferred from executor ©2009 Pearson Education, Inc publishing as Prentice Hall 22-26 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Ten Funeral expenses $10,200 Executor’s fees 4,500 Estate liabilities 145,000 Final Medical expenses 22,100 Required: a Calculate the federal tax Mr Holt’s estate You may ignore any state-level inheritance taxes and assume that the federal tax rate is 45% Fair value of gross estate Executor’s fees $6,100,000 4,500 Funeral expenses (10,200) Estate liabilities (145,000) Final medical expenses (22,100) Estate tax exemption (3,500,000) Taxable value of estate $2,418,200 Estate tax due (45% of $2,422,700) $1,088,190 Ethel’s net inheritance $5,011,810 ©2009 Pearson Education, Inc publishing as Prentice Hall 22-27 ... income 12 /22 Trust fund expenses (E, -SE) 5,850 722 Cash (-A) ©2009 Pearson Education, Inc publishing as Prentice Hall 22- 25 722 To download more slides, ebook, solutions and test bank, visit... Education, Inc publishing as Prentice Hall 22- 8 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Byron Ratliff has been appointed to serve... Prentice Hall 22- 12 To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com Exercise Nine You are serving as the trustee for the Clifford Cooper testamentary