2. Executor X collects of the corpus of an estate $30,000.00, executor Y collects $40,000.00. Together they pay out $55,000.00. Commissions are to be divided in proportion to the amount collected by each. What commission will each receive and what is the net amount to be paid to the residuary legatee? Ans. Commissions: X, $381.43; Y, $508.57. Residuary legatee, $14,110.00.
3. Four trustees collect and pay out of an estate $350,000.00, the total debts of the estate being $135,000.00. What commission will each trustee receive? Ans. $2,767.50.
=6.= Following are the transactions and accounts of David Brown, executor of the estate of Henry Snow, deceased. For keeping the accounts, the journal, cash book, and ledger are the books used.
June 1, 1908 Henry Snow died this day, naming David Brown _executor_.
—3— Estate inventoried and appraised as follows: Cash in bank $390.50 Mortgages 5,000.00 R. R. stocks $5,000.00 appraised @ 112 $5,600.00 Household furniture 1,000.00 Debtors to the estate Henry Alton $160.00 J. L. Lawrence 52.00 D. Pringle 75.00 F. D. Smith 84.50 371.50 ------- Interest accrued on mortgages $5,000.00 —5 mo. @ 5% 104.16 Accrued dividends on stock estimated at 3% semi-annual, payable July 1st—5 mo. accrued 137.50 --------- 12,603.66
—30— Approved the following claims: Dr. Knight bill 200.00 Funeral expenses—Undertaker 250.00 Henry Cole account 62.00 H. Dawson account 17.00 Probate expenses 100.00
—30— Additional assets discovered Geo. Smith owes the estate 50.00
July 1 Collected 6 mo. interest on mortgage at 5% 250.00
—1— Collected the following accounts: Henry Alton 160.00 D. Pringle 75.00
—1— Paid the following: Dr. Knight 200.00 Funeral expenses 250.00 Henry Cole 62.00 H. Dawson 17.00 Probate expenses 100.00
—5— Received dividend on R. R. stock 3½% semi-annual on $5,000.00 $175.00
—5— Sold R. R. stock $5,000.00 @ 132 6,600.00
Sept. 1 Collected the following account: J. L. Lawrence 52.00
—20— Sold H. H. furniture 790.00 Depreciation on H. H. furniture 210.00
Nov. 1 Collected the following accounts: F. D. Smith 84.50 Geo. Smith 50.00
Dec. 1 Collected 6 mo. interest on mortgage $5,000.00 @ 5% 125.00
A GENERAL VIEW OF THE PLANT OF THE FOX TYPEWRITER COMPANY, GRAND RAPIDS, MICH. ]