REFERENCE: Ref.09_03 Car Corp.(a U.S.-Based Company)sold Parts to a Korean Customer on Customer

question 50

Multiple Choice

REFERENCE: Ref.09_03
Car Corp.(a U.S.-based company) sold parts to a Korean customer on December 16,2008,with payment of 10 million Korean won to be received on January 15,2009.The following exchange rates applied:
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-Mills Inc.had a receivable from a foreign customer that is due in the local currency of the customer (stickles) .On December 31,2008,this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000.When the receivable was collected on February 15,2009,the U.S.dollar equivalent was $144,000.In Mills' 2009 consolidated income statement,how much should have been reported as a foreign exchange gain?

• A)$0.
• B)$36,000.
• C)$48,000.
• D)$10,000.
• E)$12,000.

Comprehend virtue ethics and its contrast with consequence-focused ethics.

Recognize the purpose and importance of a code of ethics within an organization.

Differentiate between operational and long-term strategic planning tools.

Define social responsibility and its levels, particularly focusing on philanthropic goodwill.

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Definitions:

Alphabetically

The arrangement of words or terms in the order of the letters of the alphabet.

Sample

A selected segment of a population used to represent the whole population in research or analysis.

Subscription Service

A business strategy in which clients are charged a periodic fee at consistent intervals in exchange for the continuous use of a product or service.

Random Survey

A survey method where participants are selected entirely by chance, giving each individual an equal opportunity to be included.