John Blackburn sold his property to Wilma Snyder for $95,000. Wilma paid $25,000 cash and assumed Blackburn's $70,000 mortgage. Six months after moving in, Wilma defaulted. What is John's liability?
?John remains liable. Mortgagee can choose to foreclose on the property.
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In which one of the following instances would an auditor most likely issue a standard unqualified opinion without explanatory language?
a. Management's disclosures are missing or inadequate. b. There is substantial doubt about the entity's ability to continue as a going concern. c. There is a significant limitation on the scope of the engagement. d. There is an immaterial deviation from GAAP related to capitalizing repairs.
An unexpired cost appears on the balance sheet and an expired cost appears on the income statement
Indicate whether the statement is true or false
Amy and Lance are newlyweds. This is Lance's second marriage. Because of problems that occurred before his divorce (his ex-wife took all the money out of their joint accounts), he is more cautious than most about setting up joint accounts. Which type of account would you recommend for Amy and Lance?
a. Tenancy by the entirety b. Tenancy in common c. Trustee account d. Joint tenancy account with right of survivorship
The type of ratio that indicates the firm's ability to provide adequate returns in the form of dividends and share price appreciation is the ____
A) profitability ratios B) asset management ratios C) liquidity ratios D) financial leverage management ratios