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Question:I am heading overseas as a contractor. I want to prepare my will to leave all my assets to my mother as she will be caring for my son. The childs father has nothing to do with him but I don't want something to happen to me and leave all my assets to my son then have his father all of a sudden want something to do with him now that he has all this money. Anyways my question is if I am married can my will stipulate that my husband dosnt get any of my assets as I would like my son to be taken care of before him. My son is not my husbands and he has not adopted him yet. Kind of complicated I know but I want to know if my assets will go to my mom if that is what is in my will even though I am married or will they automatically default to my Husband. I own a home in my name only and as for other assets, Im talking about money, investments, household goods.

Answers:Create a family trust with your mother as trustee. In your will, leave everything to the family trust. Your mother will then have control over all assets. The trust will outline what she can and cannot do, when and how much to disburse to your son etc. Without a will, your husband will get most of your assets. It varies from state to state. Also, what are you calling "your" assets? If you are in California for instance, or other community property states, that can be an issue. If you are talking about your home, if title is in your name alone, you can convey it. If you hold title with your husband in joint tenancy, it will go to him and you can not leave it to your son. In other words, there is no way to answer this question without complete information. Oh, and DEFINITELY get the advice of an attorney or Certified Family Planner. For all you know, I may be a shoemaker!

Question:I was asked to make a balance sheet listing my assets. Aside from cash and checking/savings account. I dont own anything of value as my parents pay for everything. So what then, should i count as my personal assets? Thanks in advance.

Answers:Very interesting question!! Well there are many things that can count as your assets besides cash. For example: Your mobile phone Your laptop/desktop computer (however if you are using your parents' computer, its not your asset) Your car Your personal bedroom items (like your bed, your clothes etc) I know it will be hard to value items like your bed and clothes. Just make a fair estimate! Basically anything that belongs to you.

Question:Which statement regarding negative cash balances is true? A) The amount is shown as a current liability because a company cannot have a cash balance below zero. B) The company must obtain a loan to bring the cash balance to zero before financial statements are prepared. C) The negative cash balance is included as a current asset and discussed in a footnote to the financial statements. D) The amount is offset against other current assets because users need to know net current assets.

Answers:A. A negative cash balance must be recorded as a current liability. Here is confirming information from accountingcoach.com A negative cash balance appears on the balance sheet when the cash account in the general ledger has a credit balance. The credit or negative balance in the general ledger cash account is usually caused by a company or organization writing checks for more than the amount in the general ledger cash account. When preparing the balance sheet, the negative balance in the cash account should appear as a current liability (Checks Written in Excess of Cash Balance) instead of reporting the negative cash as an current asset. A negative cash balance in the general ledger (on the balance sheet) does not mean that the company s bank account is overdrawn. For example, if a company writes checks for $100,000 and mails them at the end of the day to suppliers in another state, those checks might not clear the bank account for four days. The general ledger account might show a negative $40,000 but the bank s checking account might be reporting a positive balance of $60,000. If the company deposits more than $40,000 tomorrow morning, the bank balance will not show an overdraft because the bank balance will be large enough to pay the $100,000 of checks when they clear the company s checking account in a few days.

Question:I have a question on my homework, and it is to find the RETURN ON TANGIBLE ASSETS. I need the formula for this ratio. I couldn't find it online and don't know how to calculate it. I also I need to know if accounts receivable, prepaid expenses, and deferred income taxes are tangible assets. Thanks!

Answers:Return on Tangible Assets is a variation of Return on Assets. Return on Assets = Net Income/Total Assets. Return on Tangible Assets replaces Assets with Tangible Assets in the denominator. So you need to be able to identify or calculate Net Income regardless of what's in the denominator. Tangible Assets are Total Assets minus Intangible Assets. Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." (see business dictionary link below.) The most common examples include Goodwill, Brands, and intellectual capital such as trademarks, patents, copyrights, etc. Accounts Receivable (A/R) and Prepaid Expenses are both assets and both are tangible. A/R represent cash to be received in the future in a certain amount. Prepaid Expenses represent cash already paid. In either case, there is nothing intangible about cash. As for deferred income taxes, I would encourage you to consider first whether they're actually assets or liabilities in the first place, before worrying about whether they're tangible.

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Accounting Basics Lesson 4: Assets, Liabilities, Owner's Equity, Accounts Payable. :Freeaccountingschool.com. In this tutorial, accountant Daniel Dickson answers the following questions: What are the Three Main Categories of Accounting Accounts? What is an Asset? What are Asset Accounts? What is a Liability? What are Liability Accounts? What is Accounts Payable? What is Owner's Equity? What are Owners Equity Accounts?