4. What are the proper classifications of an executor's accounts?
5. Two trustees collect in one year an income of $50,000.00 for a beneficiary, at an expense of $3,100.00. If each trustee receives an equal share, what commission should each receive, and what amount will be paid to the beneficiary, under the New York law? Prepare a complete solution of this problem.
6. Prepare a solution of the following: Four trustees collect and pay out of an estate the sum of $416,000.00, the total debts of the estate being $201,000.00. What commission will each trustee receive?
7. Prepare a statement of the executor's accounts—from the particulars given on Pages 17 and 18—showing the balance due each legatee.
8. What is a realization and liquidation account? How is it made up?
9. What is a statement of affairs? In what respect does it differ from a balance sheet?
10. How does a statement of affairs of a bankrupt differ from that of a going concern?
11. What is the purpose of a deficiency account?
12. Wm. Andrews, finding himself on July 1st unable to meet his obligations, asks you to make up his statement of affairs for submission to his creditors, and a deficiency account for his own information. You find from his books and other sources the following facts regarding his business:
| Unsecured creditors | $9,000.00 |
| Fully secured creditors | 2,300.00 |
| Holding securities of the value of $3,000.00 | |
| Partly secured creditors | 35,000.00 |
| Holding securities of the value of $20,000.00 | |
| Preferred claims | 800.00 |
| Bills payable | 20,000.00 |
| Accounts receivable, home office (good) | 1,000.00 |
| " " (doubtful) $200.00, estimated to | |
| realize | 75.00 |
| " " (bad) $300.00 | |
| Stock, Home Office, cost $1,500.00, estimated to | |
| realize | 1,200.00 |
| Stock and accounts receivable, less sundry liabilities, | |
| at branches | 36,000.00 |
| Of which it is estimated there will be a loss | |
| on realization of stock $6,000.00, of accounts | |
| receivable $9,000.00. | |
| Buildings and equipment at branches, cost $40,000.00, | |
| estimated to realize | 20,000.00 |
| Office furniture $300.00, estimated to realize | 200.00 |
| Cash in office | 4.00 |
| Cash in bank | 80.00 |
| Bonds held by fully secured creditors | 3,000.00 |
| Stocks held by partly secured creditors | 20,000.00 |