Describe the nature and prevalence of sweatshops.
What will be an ideal response?
Sweatshops are primarily located in Asia and Central and South America. They
are business facilities that pay workers very low wages for hard work at extreme hours
and often in unhealthy conditions.
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A leader who focuses on providing increased service to others is called a
A. charismatic leader. B. transformational leader. C. transactional leader. D. servant leader. E. situational leader.
A weakness of the percent-of-sales method of preparing a pro forma income statement is ________.
A) that it forecasts income and then expresses the various income statement items as percentages of projected income B) the assumption that the firm faces linear total revenue and total operating cost functions C) the assumption that the firm's past financial condition is an accurate predictor of its future D) the difficulty faced in calculation and preparation of such statements
Which of the following was not pointed to by the SEC as a motivation for fraud in the Xerox case?
A. Xerox misled investors by polishing its reputation on Wall Street and to boost the company's stock price B. Xerox top management overrode the internal control to manipulate earnings C. Xerox failed to disclose GAAP violations that led to acceleration in the recognition of approximately $3 billion in equipment revenues D. Xerox recognized a greater amount of revenue on leases in early years than warranted and didn't break out revenues that should have been deferred and recognized in future years
On January 1, Year 2, Grande Company had a $16,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $104,000 of service on account. The company collected $97,000 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account.Based on this information, the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows is:
A. $89,520. B. $95,060. C. $97,000. D. $104,000.