Naida Baronowski is an American fashion designer who has a design firm in Chicago. Naida has been successful in the U.S. and wants to expand her operation overseas. She hopes to open shops in Paris, Milan, Madrid, Rome, Vienna, and Moscow in the next several years. Naida is unfamiliar with foreign operations. She comes to you, her attorney, for advice about how she should pursue her goal of

becoming an international fashion company. If Naida keeps her Joliet plant, and ships her clothes from the U.S. to Paris, Madrid, and other cities, she may be subject, in the U.S., to:
a. import restrictions b. tariff controls
c. export regulations d. ad valorem taxes e. licensing fees


c

Business

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When there is a net loss, the entry to close Income Summary will include a ________

a. debit to Income Summary b. credit to Cash c. debit to the dividends account d. debit to the retained earnings account

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In a mortgage transaction, the creditor is known as the mortgagee

Indicate whether the statement is true or false

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