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* 10) 10) Intangible assets A) represent assets for which the market value cannot be determined B) are not recorded in the books because they
* 10) 10) Intangible assets A) represent assets for which the market value cannot be determined B) are not recorded in the books because they have no physical substance C) convey special rights from patents, copyrights, trademarks, and other creative works D) All of the statements are correct. 17)__ 17) A restaurant is being sued because a customer claims to have found a bug in her chili. The yers believe there is only a remote possibility that the lawsuit will result in an actual liability. Which of the following actions should be taken by the company's management? A) The situation should be described in a note to the financial statements. B) The possible liability should not be shown in the financial statements. C) The liability should be estimated and accrued as an expense. D) An expense must be matched to the period in which the incident occurred. 19) Angie's gross pay for the week is $970.00. Her deduction for federal income tax is based on a rate of 20%. She has voluntary deductions of $220.00. Her year-to-date pay is under the limit ton SUI. What is the amount of FICA-Medicare Tax deducted from her pay? (Assume a OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Do not round any intermediate calculations, and round your final answer to the nearest cent.) A) $194.00 B) $14.07 C) $60.14 D) $268.21
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