ssignment 3 (7,8 &9)-2018 Name Rulee Stout UE/FALSE. Write "T if the statement is true and 'F if the statement is false. n True 1) Employers must pay FICA taxes twicethe amount of the FICA taxes witheld from their employees 12%. The 2) 2) A company borrowed S16,000 by signing a 120-day promissory note at 3) tr land is purchased as a building site, the cost of removing existing structures is not 4) A single liability cannot be divided between current and noncurrent liabilities. total interest on the note is $640 3) charged to the Land account. True MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 5) 5) The interest accrued on $7,500 at 6% for 90 days is: A) S11.25. B) $37.50. C) $112.50. D) $450.00. E) $1,800.00. 6) A method of estimating bad debts expense that involves a detailed examination of 6 outstanding accounts and the length of time past due is the: A) Aging of accounts receivable method B) Percent of accounts receivable method. C) Aging of investments method. D) Direct write-off method E) Percentage of sales method. 7) The straight-line depreciation method and the double-declining-balance 7) depreciation method: A) Produce the same total depreciation over an asset's useful life. B) Are the only acceptable methods of depreciation for financial reporting. C) Produce the same depreciation expense each year. D) Are acceptable for tax purposes only. E) Produce the same book value each year