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1. Purchase Commitments Prophet Company signed a long-term purchase contract to buy timber from the U.S. Forest Service at $300 per thousand board feet. Under these terms, Prophet must cut and pay $6,000,000 for this timber during the next year. Currently the market value is $250 per thousand board feet. At this rate, the market price is $5,000,000. Jerry Herman, the controller, wants to recognize the loss in value on the year-end financial statements, but the financial vice president, Billie Hands, argues that the loss is temporary and should be ignored. Herman notes that market value has remained near $250 for many months, and he sees no sign of significant change.
(a) What are the ethical issues, if any?
(b) Is any particular stakeholder harmed by the financial vice president's decision?
(c) What should the controller do?
urban company manufacturers tables. if raw material used was 80000 and raw material inventory at the beginning and
on january 2 2011 kinnaird hospital purchased a 99350 special radiology scanner from faital inc. the scanner has a
35. Nonconstant Growth This one's a little harder. Suppose the current share price for the firm in the previous problem is $39.52 and all the dividend information remains the same.
the total monthly costs of the board department equpment depreciation maintenance direct labor supervision and
Explain MACRS depreciation. When is its use appropriate?
Identify a global organization with a multinational presence. Identify and research a cultural issue that affects this organization's interactions outside the United States.
Suppose that you are the chief economic advisor to the president of the United States. You are asked to propose a strategy to bring the economy out of recession. Unemployment is at 13 percent and inflation is relatively low. Your goal is to avoid ..
maddox specialty company a division of lost world inc. manufactures three models of gear shift components for bicycles
Describe the ERP modular interface that is necessary in a typical manufacturing environment.
complete the following exercise. submit journal entries in an excel file and written segments in an ms word document.
Discuss the effect of any information presented in the case on the adequacy of the audit.
dicenta corporation reported net income of 277000 in 2012 and had 50000 shares of common stock outstanding throughout
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