__________compete on the basis of low prices, high turnover, and high volume
Fill in the blanks with correct word.
ANSWER: Discount stores
Discount stores compete on the basis of low prices, high turnover, and high volume. Walmart is an example of a discount store.
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Under the perpetual inventory system, the cost of merchandise sold is recorded when sales are made
Indicate whether the statement is true or false
Purchases of merchandise are typically credited to the merchandise inventory account under the perpetual inventory system
Indicate whether the statement is true or false
An employee receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $300; cumulative earnings for year prior to current week, $90,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid the employee?
A) $1,470 B) $1,059.75 C) $1,381.80 D) $1,249.50
Explain implied and express authorizations
What will be an ideal response?