So I'm in the elementary stages of my first business class. Here's one of my homework questions that's got me stumped. "Velu pays interest to himself on a loan he made to the business three years ago." I have to decide whether this is a transaction or not. My guess is it's not because he's paying...

I am 72, on Social Security plus a moderate City Retirement pension (local government, Washington state). My husband is 57, disabled, on Social Security Disability and has a small pension from the San Diego Zoo. If we are unable to pay one or more credit cards, can those CC companies, or...

1- Receivables from company owners and officers should be disclosed separately on the balance sheet. True or false 2- Receivables not currently collectible are reported in the investments section of the balance sheet. True or false.

My question is... Can either of these help? I am considering using a company like Consumer Credit Counseling which claims to contact your accounts and arrange lower interest and lower payments and then lump all of your debt into one monthly payment. The lower payment would be very helpful at...

Could someone please help me out? I need to record a transaction for receiving $70,000 for the sale of 50,000 shares of $1 par value common stock. Would I record this as a debit to cash for the 70,000, then a credit to common stock for 50,000 and a 20,000 credit to premium on common stock? ...