Ordinary repairs to plant assets are referred to as revenue expenditures
Indicate whether the statement is true or false
TRUE
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If a Citibank dealer expects the Swiss franc to appreciate against the U.S. dollar, then she will attempt to lower both bid and offer rates for the franc to persuade other dealers to buy francs from Citibank and dissuade other dealers from selling francs to Citibank.
a. True b. False
Which of the following orientations is based only on home-country superiority?
A) ethnocentric B) polycentric C) geocentric D) regiocentric
The Allowance for Bad Debts account ________.
A) is a liability account B) holds the pool of "unknown" uncollectible accounts C) increases with a debit D) is added to accounts receivable
The balance in Wellstocked Company's accounts payable account on December 31 . 2014, was $1,225,000 before the following information was considered: • Goods shipped FOB destination on December 21, 2014, from a vendor to Wellstocked were lost in transit. The invoice cost of $45,000 was not recorded by Wellstocked. On December 28, 2014, Wellstocked notified the vendor of the lost shipment. •
Goods were in transit from a vendor to Wellstocked on December 31 . 2014 . The invoice cost was $60,000, and the goods were shipped FOB shipping point on December 28, 2014 . Wellstocked received the goods on January 6, 2015. What amount should Wellstocked report as accounts payable in its December 31 . 2014, balance sheet? a. $1,330,000 b. $1,285,000 c. $1,270,000 d. $1,225,000