When a company has credit card sales of $50,000, they should expect to receive the amount in its entirety from the credit card processing organization.

Group of answer choices

True

False

Question 2

Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method?

Group of answer choices

$2,320

$600

$680

$2,720