Pumps, Inc., agrees to assume a debt of Quality Parts Company to Reliable Finance LP. The agreement is not in writing. To be enforceable, the promise must be for the benefit of Pumps.
What is debt?
A sum of money due to another by another person, business, etc. Borrowing money to pay for a good, service, or financial asset results in debt (e.g. INSTALMENT CREDIT). Debt contracts include interest charges for the period of the loan and call for the eventual repayment of the amount borrowed.
What happens if a contract is not in writing?
The agreement might not be upheld in court if it does not adhere to the rules for contract writing. The court will frequently rule that a contract does not exist. This implies that no conflicts can be settled in court. If there is a dispute, the parties might be unable to resolve it through the legal system.
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I believe your answer would be C. Speech and Debate. Being a lawyer requires lots of debate, and speech to support your answer and make it more clear.
Answer:
a. $207,000
Explanation:
The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.
The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.
The sale of assets, interest received, purchase of investments are examples of investing activities while the issuance of stocks, debt principal deduction (loan settlement), issuance of debt securities etc are examples of financing activities.
An increase in assets other than cash is an outflow while an increase in liabilities is an inflow. Depreciation and other non-cash expenses deducted in the income statements are added back while the non-cash income such gain on asset are deducted from net income.
The Net Cash Flow from Operating Activities
= $210,000 - $9,000 + $8,000 - $2,000
= $207,000
Answer:
b. Savings accounts
Explanation:
Assets are resources controlled by an entity as a result of past events for which future economic benefits would flow to the entity.
A savings account balance would be reported as cash and cash equivalent under the current assets section of the balance sheet.
Other options given are liabilities.
Answer:
tell how you feel. ignore it. under the table discipline
