Credit terms 2/10, net 30 means ________
A) a discount of 10% is granted if payments are done within 30 days
B) a discount of 10% is granted if payments are done within 2 days, net 30 days available
C) a discount of 2% is granted if payments are done within 10 days, net 30 days available
D) a discount of 2% is granted if payments are done within 30 days, beyond which a 10% interest is charged
C
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[APPENDIX] Deferred tax is an amount that reconciles the differences between the income for financial purposes with the income reported for tax purposes. In most cases, it is a long-term liability
a. True b. False Indicate whether the statement is true or false
A contingent liability is recognized when any likelihood of loss exists and the amount can be reasonably estimated
Indicate whether the statement is true or false
If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true?
A) Net income will be understated for the year. B) Stockholders' equity will be overstated at year end. C) Total assets will be overstated at year end. D) Net income in the following year will be understated.
Gary Govetty is a famous movie star. A tabloid published an interview with his ex-girlfriend in which she falsely claimed that Gary was completely bald and had been wearing a wig for several years. Gary can sue his ex-girlfriend for ________.
A. slander B. invasion of the right to privacy C. tort of appropriation D. negligent infliction of emotional distress