Need some help with Accounting Homework urgent PLEASE!? (Answers: 2) (Comments: 0)
18. The interest charged on a $100,000 note payable, at the rate of 6%, on a 60-day note would be A. $3,333. B. $1,500. C. $6,000. D. $1,000. 19. The current portion of long-term debt should A. be reclassified as a current liability. B. not be separated from the long-term portion of debt. C. be paid immediately. D. be classified as a long-term liability. 20. Which one of the following payroll taxes does not result in a payroll tax expense for the employer? A. FICA tax B. State unemployment tax C. Federal income tax D. Federal unemployment tax 21. A hybrid form of business organization with certain features like a corporation is a(n) A. sub-chapter "S" corporation. B. limited liability partnership. C. limited liability company. D. "S" corporation. 22. A partnership A. is not an accounting entity for financial reporting purposes. B. must file an information tax return. C. has only one owner. D. pays taxes on partnership income. 23. A general partner in a partnership A. has unlimited liability for all partnership debts. B. is the partner who lacks a specialization. C. is liable for partnership liabilities only to the extent of that partner's capital equity. D. is always the general manager of the firm. 24. The individual assets invested by a partner in a partnership A.are jointly owned by all partners. B.determine the scope of authority of that partner. C.revert back to that partner if the partnership liquidates. D.determine that partner's share of net income or loss for the year. 25. In a partnership, mutual agency means A.each partner acts on his own behalf when engaging in partnership business. B.the act of any partner is binding on all other partners, only if partners act within their scope of authority. C.that partners must pay taxes on a mutual or combined basis. D.an act by a partner is judged as binding on other partners depending on whether the act appears to be appropriate for the partnership. 26. A partnership A.is dissolved only by the withdrawal of a partner. B.is dissolved upon the acceptance of a new partner. C.dissolution means the business must liquidate. D.has unlimited life. 27. The partner in a limited partnership that has unlimited liability is referred to as the A.head partner. B.unlimited partner. C.lead partner. D.general partner. 28. Limited partnerships A.guarantee that a partner will receive a return. B.guarantee that a partner will get back his original investment. C.must have at least one general partner. D.are limited to only three partners. 29. The Polen-James partnership is terminated when creditor claims exceed partnership assets by $40,000. James is a millionaire and Polen has no personal assets. Polen's partnership interest is 75% and James's is 25%. Creditors A.may collect the entire $40,000 from James. B.must collect their claims 75% from Polen and 25% from James. C.may not require James to use his personal assets to satisfy the $40,000 in claims. D.must collect their claims equally from Polen and James. 30. Eberle and Lankton are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Eberle, $175,000 and Lankton, $150,000. On that date, they agree to admit Newman as a partner with a one-third capital interest. If Newman invests $125,000 in the partnership, what is Eberle's capital balance after Newman's admittance? A.$160,000. B.$150,000. C.$175,000. D.$158,333.

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Taking an accounting class... having trouble with a question Please help? (Answers: 2) (Comments: 0)
Key financial figures for Best Buy's fiscal year ended March 3, 2007, follow Key Figure In Millions Liabilities+equity...................... $13,570 Net income.............................. 1,377 Revenues................................. 35,934 What is the total amount of assets invested in Best Buy? What is Best Buy's return on assets? Its assets at February 25, 2006, equal $11,864 (in millions) How much are total expenses for Best Buy for the year ended March 3, 2007? Does Best Buy's return on assets seem satisfactory if competitors average an 8.1% return?

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PLEASE!!!! help me with this accounting homework.... Please...i'm soo desperate.? (Answers: 1) (Comments: 0)
OK, I'm going to post the last two questions...i don't know really the answers, but i'll take any help i can get at this point... 1.} M Company issued $500,000 of 10-year,7% bond on January 1, 2008. The bonds pay interest semiannually. How much did the bond sell for under each of the following situations? a. the bonds sold at 8% b. the bonds sold at 6% 2.} Which of the following is a TRUE statement about a company's use of financial leverage? a. Firms in industries with low margins usually have high levels of financial leverage so as to magnify the return to stockholders. b. Potential increased returns may be available to the stockholders c. Financial leverage is usually the highest in firms having the largest portion of assets invested in current assets d. the higher the volatility of earnings, the greater is the likelihood that a firm employs significant amounts fo financial leverage.

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