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____1. Notes Receivable are
A. Listed under Current Assets on the Balance Sheet
B. Can be created in exchange for an Accounts Receivable
C. Can be evidence of a cash loan made by the firm to
another party
D. Typically can have a repayment horizon up to 1 year
E. All of the above.
____2. A gain or loss on the sale of a plant asset is determined
by comparing the:
A. Asset's original cost with the sales proceeds
B. Asset's book value with the sales proceeds
C. Asset's original cost with the asset's book value.
D. Initial estimate of the asset's salvage value with the sales proceeds.
E. None of these.
____3 A plant asset's book value equals its estimated salvage value:
A. On the date of the asset's disposal
B. At the end of the asset's useful life
C. On each date the asset's depreciation is brought up to date.
D. At any time throughout the asset's useful life
E. None of these.
____4. Which is a factor in determining federal income tax withheld?
A. Level of wages
B. Marital status
C. Number of dependents
D. Pay period
E. All of the above
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