Gliding Light, LLC, and Hang Gliders, Inc, are parties to a contract. They subse¬quently agree that High Riders Inc should take Gliding Light's place and assume all of its rights and duties under the contract. This is
a. a mutual agreement to rescind.
b. an accord and satisfaction.
c. a novation.
d. a settlement agreement.
C
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________ consists of promoting a company's image without referring to any of its offerings.
A. Institutional advertising B. Umbrella positioning C. Formal advertising D. Family branding E. Informal advertising
Equipment was acquired for $210,000 and has accumulated depreciation of$93,000
The business exchanges this equipment for new equipment. The new equipment has a market value of $304,000 and the business pays $52,000 cash. Assume the exchange has commercial substance. The exchange results in ________. A) loss $135,000 B) gain $187,000 C) gain $135,000 D) loss $187,000
If the current rate of interest is 7%, then the future value (FV) of an investment that pays $1200 per year and lasts 18 years is closest to ________
A) $24,479 B) $40,799 C) $48,959 D) $57,119
Which of the following statements is correct?
A. Purchases Discounts is an asset account with a normal credit balance. B. Purchases Discounts is an expense account with a normal debit balance. C. Purchases Discounts is a revenue account with a normal credit balance. D. Purchases Discounts is a contra expense account with a normal credit balance.