7) Assets with no physical form are called: A) Long-term assets B) Plant assets C) Intangible assets D) Current assets 18) When the fair market value of goodwill is less than its book value, the goodwill is: A) Capitalized B) Amortized C) Depleted D) Impaired 19) Maple Corp. had $210,550 of net sales this year. The firm started the year with $83,200 of total assets and ended the year with $117,500 of total assets. Determine Maple's asset turnover ratio for the year. (Round your answer to two decimal places.) A) 0.48 times B) 2.53 times C) 1.16 times D) 2.10 times 20) A debt that will be paid AFTER the longer of one year or the firm's operating cycle is classified as: A) A current liability B) A long-term liability C) A general liability D) A plant asset liability 21) Mars Corporation had cash sales of $6,000. The state sales tax rate is 9.6%. What amount is debited to the Cash account? A) $6,000 B) $6,576 C) $576 D) $600