Answer the following statements true (T) or false (F)
1) Gross pay is the amount of employee compensation prior to deducting any amounts for taxes or other withholdings.
2) Salaried employees may be classified as nonexempt
3) A firm is always exempt from FLSA provisions if it has fewer than 5 employees.
4) The tipped minimum wage is $2.13 per hour for all states.
5) Federal policy explains clear differences between exempt and nonexempt employees.
1)TRUE
2)TRUE
3)FALSE
4)FALSE
5)FALSE
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Mandatorily redeemable preferred stock is reported on the balance sheet as:
A. a liability. B. a separate line between liabilities and shareholders' equity. C. a temporary investment. D. an equity item.
A page number should be at the top of every page in a formal report
Indicate whether the statement is true or false.
The modern approach follows the common law rule in holding that a corporation cannot commit a criminal act
a. True b. False Indicate whether the statement is true or false
Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?
A. unlimited personal liability B. liability restricted to the extent of his or her capital contribution C. liability of termination as partner D. unlimited organizational capital liability