[The following information applies to the questions displayed below.]Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated interest rate of 8% to Metropolitan Bank on August 1, Year 1. The note carried a one-year term.Based on this information alone, what is the amount of total liabilities appearing on Madison's balance sheet as of December 31, Year 1?
A. $24,800
B. $24,000
C. $25,920
D. $24,720
Answer: A
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The attribute of laptop computers to be fairly immune to bumps and roughness in handling is an example of:
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Jen signs a check "pay to the order of Key" drawn on Jen's account in Lakeland Bank to buy Key's car. Jen asks Lakeland Bank to indicate on the face of the check that it will accept it when Key presents it for payment. If the bank agrees, this will be
A. a cashier's check. B. a certified check. C. a trade acceptance. D. a traveler's check.
The 2001 revision of the RULPA provides that, when a limited partnership is a limited liability limited partnership,:
A) a general partner is personally liable for a contractual obligation. B) a general partner is personally liable for an obligation arising from a tort. C) a contractual obligation or an obligation arising from a tort is solely the obligation of the limited partnership. D) a contractual obligation or an obligation arising from a tort is the joint and several obligation of the limited partnership and the general partners.