A firm incurs $70,000 in interest expenses each year. If the tax rate of the firm is 30%, what is the effective after-tax interest rate expense for the firm?

During a liquidation, if a partner's capital account balance drops below zero, what should happen?

a. the deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses. b. the partner with a deficit contributes enough assets to offset the deficit balance c. the other partners should contribute enough assets to offset the amount of deficit if the partner with a deficit is insolvent. d. both b & c

The effect on the basic accounting equation of performing services for cash are to

A. increase assets and decrease stockholders' equity. B. increase assets and increase stockholders' equity. C. increase assets and increase liabilities. D. increase liabilities and increase stockholders' equity