27-30, enacted April 9, 1866, was the first United States federal law to define US citizenship and affirm that all citizens are equally protected by the law. It was mainly intended to protect the civil rights of Africans born in or brought to America, in the wake of the American Civil War.This legislation was enacted by Congress in 1865 but vetoed by President Andrew Johnson. In April 1866 Congress again passed the bill.he activities of insurgent groups such as the Ku Klux Klan (KKK) undermined the act; and it failed to immediately secure the civil rights of African Americans. Since 1866 it has been illegal in the U.S. to discriminate in jobs and housing on the basis of race.
For example, a company might pay $500 a month in interest on a business loan while earning $45 in interest in the same time period in a business savings account.The total amount of net interest expense for that month would be $455. The net interest expense was a key metric to analyze as the company lends money as well as leveraging itself.
From January 1 to February 1, the company incurs interest expense, but it does not pay it with cash until July 1. Nevertheless, Friends Company has to record the incurred interest expense and accrued liability for the month of January. Interest expense for one month = $120,000 x 5% (semiannual rate) x 1 Ã· 6 = $1,000.