Generally accepted accounting principles (GAAP) require that long-term assets be expensed over their useful lives using the straight-line method.
Indicate whether the statement is true or false
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Q. 2) Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Trump's regular rate is 8 per hour. During the week ended October 10, he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Trump's total earnings for the week ended October 10 are
a. 110.
b. 320.
c. 430.
d. 516.
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Q. 3) Banner, Inc. purchases 45,000 of merchandise from a vendor with credit terms of 2/10, n/30. Assuming that Banner pays within the discount period, the total cost of the inventory is ________.
A) 45,900
B) 45,000
C) 40,500
D) 44,100
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Q. 4) In the retail inventory method, the cost to retail ratio is equal to the cost of merchandise sold divided by the retailprice of the merchandise sold.
a. True
b. False
Indicate whether the statement is true or false
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Q. 5) The sales method for estimating bad debts is calculated using ________.
A) aging of accounts receivable
B) a percentage of credit sales
C) a percentage of net accounts receivable
D) the current balance in accounts receivable
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Q. 6) A(n) _____________________________
_ is a program that secretly takes over another Internet -attached computer and then uses that computer to launch attacks that can't be traced to the creator.
Fill in the blank(s) with correct word
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