Sarah owes Jane $10,000 under a valid contract but has been unable to pay the debt. Becky agrees to pay $10,000 to Jane in exchange for Jane's contract claim against Sarah. This arrangement is an example of a(n) ________
A) garnishment
B) parol evidence
C) attachment
D) assignment of rights
D
You might also like to view...
Which of the following accounting treatments is proper for a change in reporting entity?
A) restatement of all financial statements presented B) restatement of current period financial statements C) note disclosure and supplementary schedules D) adjustment to retained earnings and note disclosure
Park Inc owns 35 percent of Exeter Corporation. During the calendar year 2013, Exeter had net earnings of $300,000 and paid dividends of $36,000 . Park mistakenly accounted for the investment in Exeter using the cost method rather than the equity method of accounting. What effect would this have on the investment account and net income, respectively?
a. Understate, overstate b. Overstate, understate c. Overstate, overstate d. Understate, understate e. None of these answer choices is correct.
Assuming fixed costs remain constant, and a company produces more units than it sells, then income under absorption costing is less than income under variable costing.
Answer the following statement true (T) or false (F)
A(n) ____________________ is an adult appointed by the courts to have custody and care of an incompetent party
Fill in the blank(s) with correct word