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Gina Purcell Estate Financial Summary

The executor of Gina Purcell's estate recorded assets of $1,204,000 including cash, life insurance, and investments in various companies. Cash outflows included funeral and executor fees, repairs, debts, and distributions totaling $422,000. Cash inflows included sales, rent, dividends, and life insurance proceeds totaling $253,000. Debts of $17,000 remain unpaid and Dell shares were distributed to a beneficiary. The executor must prepare an interim charge and discharge statement for the estate.

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53 views1 page

Gina Purcell Estate Financial Summary

The executor of Gina Purcell's estate recorded assets of $1,204,000 including cash, life insurance, and investments in various companies. Cash outflows included funeral and executor fees, repairs, debts, and distributions totaling $422,000. Cash inflows included sales, rent, dividends, and life insurance proceeds totaling $253,000. Debts of $17,000 remain unpaid and Dell shares were distributed to a beneficiary. The executor must prepare an interim charge and discharge statement for the estate.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The executor of Gina Purcell s estate has recorded the

following
The executor of Gina Purcell’s estate has recorded the following information:Assets discovered
at death (at fair value):Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$600,000Life insurance receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
200,000Investments:Walt Disney Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,000Polaroid Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000Ford
Motor Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,000Dell Computer
Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000Rental property . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .300,000Cash outflows:Funeral expenses . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,000Executor fees . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . 12,000Ordinary repairs of rental property . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . 2,000Debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81,000Distribution of income to income beneficiary . . . . . . . . . . . . . . . . . . . . . . .
4,000Distribution to charitable remainder trust . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Cash
inflows:Sale of Polaroid stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000Rental
income ($4,000 earned prior to death) . . . . . . . . . . . . . . . . . . . . . .. 11,000Dividend income
($2,000 declared prior to death) . . . . . . . . . . . . . . . . . . .12,000Life insurance proceeds . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200,000Debts of $17,000 still remain to be paid. The
Dell shares have been conveyed to the appropriate beneficiary. Assume that Ms. Purcell’s will
stated that all executor fees are to be paid from principal.Prepare an interim charge and
discharge statement for this estate.View Solution: The executor of Gina Purcell s estate has
recorded the following
SOLUTION-- http://solutiondone.online/downloads/the-executor-of-gina-purcell-s-estate-has-
recorded-the-following/

Unlock answers here solutiondone.online

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