EXERCISE
7. George Williams died on March 5th, bequeathing his entire property, after payment of all debts and funeral expenses, to the following beneficiaries: George Williams, Jr., one-fifth; John Williams, one-fifth; Fred Williams, one-fifth; Mary Williams, three-tenths; and George Robinson, one-tenth.
The inventory filed by his executors was as follows:
| Stocks and bonds | $4,000.00 |
| Mortgages | 6,000.00 |
| Wearing apparel | 100.00 |
| Cash in bank | 40.00 |
There are two executors, and their transactions are as follows:
| Cash Receipts | |
| Stocks and bonds sold | 3,341.00 |
| Mortgages realized | 4,656.00 |
| Wearing apparel sold | 50.00 |
| Dividends collected on stocks and bonds | 1,800.00 |
| Interest collected on mortgages | 2,400.00 |
| Interest received on deposits in bank | 100.00 |
| Real estate sold | 1,000.00 |
| Rents collected | 720.00 |
| Cash in bank at decease, withdrawn | 40.00 |
| 14,107.00 | |
| Cash Disbursements | |
| Funeral expenses | 30.00 |
| Expenses of probate | 200.00 |
| General legal expenses | 400.00 |
| Repairs to building | 220.00 |
| Stationery, postage, etc. | 10.00 |
| Accountant's fee | 80.00 |
| Debts of deceased | 500.00 |
| Taxes | 800.00 |
| Insurance | 10.00 |
| George Williams, Jr., on account of legacy | 2,200.00 |
| John Williams, on account of legacy | 2,500.00 |
| Fred Williams, on account of legacy | 2,220.00 |
| Mary Williams, on account of legacy | 3,100.00 |
| George Robinson, on account of legacy | 960.00 |
| 13,230.00 | |
| ========= | |
The inventory at the date on which they wish to account is as follows:
| Stocks and bonds | $1,000.00 |
| Mortgages | 1,280.00 |
| Cash in bank | 877.00 |
Make up summary statement of the Executor's Accounts showing the balance due each legatee.