What is the focus of the product life cycle theory, and where is it applicable?
What will be an ideal response?
The product life cycle theory focuses on the role of technological innovation as a key determinant of trade patterns. It applies to manufactured goods.
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The allowance for bad debts account may have a debit balance prior to adjustment
a. True b. False Indicate whether the statement is true or false
Following are selected data from the financial statements of Mother Nature Supplies: 2017 2016 Accounts receivable $ 60,000 $ 38,000 Merchandise inventory 12,000 16,000 Total assets 450,000 380,000 Net sales 380,000 270,000 Cost of goods sold 160,000 210,000 Refer to the data for Mother Nature Supplies. Which of the following would not result from a vertical analysis of its balance sheet?
a. Accounts receivable increased $22,000 or 36.7% during 2017. b. Accounts receivable is five times larger than Merchandise inventory in 2017. c. Accounts receivable is 13.3% of total assets for 2017. d. Merchandise inventory is 2.7% of total assets for 2017.
If a partnership has been dissolved in violation of the partnership agreement, the ________.
A. remaining partners forfeit the right to wind up the business B. court appoints a representative as receiver to wind up the business C. court, by itself, liquidates the assets of the business D. innocent partners have the right to liquidate the partnership assets
Plant assets used in conjunction with a natural resource typically are depreciated
a. using income tax depreciation. b. using an accelerated depreciation method. c. on the same basis as depletion is computed. d. on a straight-line basis.