Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Harold and Dorothy own all the shares of Ace Corporation. Robert, Aces landlord, sued Ace for unpaid rent and received a $10,000 judgement against Ace.

Harold and Dorothy own all the shares of Ace Corporation. Robert, Aces landlord, sued Ace for unpaid rent and received a $10,000 judgement against Ace. When Robert tried to collect on the judgement, he discovered that Ace had no assets. However, upon further investigation, Robert discovered that Ace Corporation was paying for Harold and Dorothys mortgage, medical bills and groceries.

Can Robert collect his judgement from Harold and Dorothy as individuals? What would that be called?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting, Chapters 1-13

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

25th Edition

1285069625, 9781285069623

More Books

Students also viewed these Accounting questions

Question

Will you be able to pay your bills?

Answered: 1 week ago