Curtis Filed a Lawsuit Against Ulhoff for Failure to Repay

question 21

Multiple Choice

Curtis filed a lawsuit against Ulhoff for failure to repay $1,000 according to the terms of a promissory note.The trial ended before it began,with the trial judge granting a motion for summary judgment in favor of Curtis.Ulhoff has appealed,and the Supreme Court of Iowa has remanded the case.This means

• A)Curtis automatically wins because he won in the lower court.
• B)Ulhoff automatically wins because he lost in the lower court.
• C)Neither party wins because the case is being thrown out.
• D)We don't know who wins yet because the case is being returned to the trial court for additional steps.

---

Definitions:

Decrease in Assets

A reduction in the value or quantity of the assets held by a company.

Common Stock

A form of corporate equity ownership, a type of security that represents ownership in a corporation and a claim on a portion of its profits or losses.

Revenue

The overall income that a corporation gathers from the sales of merchandise or offering of services throughout a designated period.

Prepaid Insurance

An asset account that represents insurance payments made in advance of the coverage period, to be expensed as the insurance coverage is used up.