Increasingly, small firms find that they must locate their operations abroad if they are to keep their contracts as suppliers to large companies.
Answer the following statement true (T) or false (F)
True
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Use the selected data from Pinecrest Company's financial statements to answer the following question. 2017 2016 Cash $ 22,000 $ 14,000 Accounts receivable 42,000 16,000 Merchandise inventory 22,000 83,000 Prepaid expenses 23,000 18,000 Total current assets $109,000 $131,000 Total current liabilities $ 65,000 $ 72,000 Net credit sales 221,000 326,000 Cost of goods sold 168,000 299,000 Net cash
flow from operating activities 16,000 29,000 Refer to the data for Pinecrest Company. Competitors in Pinecrest Company's industry have an average accounts receivable turnover of 10.8 times. Pinecrest reported accounts receivable at December 31, 2017, of $42,000 and has normal credit terms requiring payment within 30 days. Pinecrest's accounts receivable turnover for 2017 is: a. probably indicating that the company probably has stricter credit terms and policies than the industry as a whole, which may repel potential buyers. b. of no value to bankers and other creditors. c. less efficient in its collection policies in 2017 than the industry as a whole. d. less than the industry, which means that its customers are paying on their accounts in a more timely manner than are customers reflected by the industry average.
Krishna and Ravi operate a sari store as a partnership. They agree privately that they will not order supplies over $10,000 without both signatures. When Krishna is on vacation, Ravi orders $20,000 worth of silk
Krishna objects to paying the supplier and wants to return the shipment. The supplier sues the partnership. Which of the following is true? A) the partnership must pay the supplier because private restrictions don't affect outsiders to the partnership B) the partnership must pay because it owes a fiduciary duty to the supplier C) the partnership does not have to pay because Ravi exceeded her authority D) the partnership does not have to pay because Ravi exceeded her apparent authority. E) the supplier has to take back the shipment since there were not two signatures on the contract
Which of the following is not grounds for license suspension or revocation?
A) Conviction for felonious burglary B) Violation of fair housing laws C) Suit by a buyer for misrepresentation D) Commingling of funds E)?All of the above
A ________ is a senior manager who oversees the use of IT in the firm
A) CEO B) CFO C) CIO D) CIT E) CPO