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. Naida hires a contractor in Moscow to supervise building a new store. To pay the subcontractors, Naida goes to her bank (an international bank with a branch office in Moscow) and signs an agreement stating that the bank will pay the subcontractors upon presentation of documentation that their work is completed. Naida has arranged for:
a. repatriation of her money
b. currency exchange insurance c. a countertrade sale
d. letters of credit
e. a buy-back arrangement
d
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As a general rule, minors may disaffirm their contracts at any time during their minority and for up to one year after attaining majority.
Answer the following statement true (T) or false (F)
At the end of the current year, using the aging of receivable method, management estimated that $23,250 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $625. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
A.
| Accounts Receivable | 23,875? | |
| Allowance for Doubtful Accounts | 23,875? |
B.
| Bad Debts Expense | 23,250? | |
| Allowance for Doubtful Accounts | 23,250? |
C.
| Bad Debts Expense | 23,875? | |
| Allowance for Doubtful Accounts | 23,875? |
D.
| Accounts Receivable | 23,250? | |
| Bad Debts Expense | 625? | |
| Sales | 23,875? |
E.
| Bad Debts Expense | 22,625? | |
| Allowance for Doubtful Accounts | 22,625? |
The algebraic method
a. considers all interrelationships of the departments and reflects these relationships in equations. b. does not consider interrelationships of the departments nor reflect these relationships in equations. c. is also referred to as the "benefits-provided" ranking method. d. is not a service department cost allocation method.
In a linear programming model, the decision maker always seeks to minimize the objective function
a. True b. False