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You were asked to travel to Milwaukee to observe and verify the inventory of the Milwaukee branch of one of your clients. When you arrive on Thursday, December 30, and find that the inventory procedures have just been started. You spot a railway car on the sidetrack at the unloading door and ask the warehouse superintendent, Buck Rogers, how he plans to inventory the contents of the car. He responds, “We are not going to include the contents in the inventory.”
Later in the day, you ask the bookkeeper for the invoice on the carload and the related freight bill. The invoice lists the various items, prices, and extensions of the goods in the car. You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper affirms the fact that this invoice is to be held for recording in January.
Does your client have a liability that should be recorded at December 31? Discuss.
For what possible reason(s) might your client wish to postpone recording the transaction?
Record all necessary depreciation and amortization entries on December 31, 2009 and prepare a partial balance sheet for Withers on December 31, 2009.
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Ellie Industries currently manufactures 30,000 units of part MR24 a month for use in production . The facilities now being used to produce part MR 24 have a fixed monthly cost of of $150,000 and a capacity to produce 35,000 units per month.
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We want to price options using the binomial lattice. The current stock price is 54 and the strike price is 50. Assume that the stock up-trend rate is u = 1.2 with probability p = 0.4 and the down-trend rate is d = 0.8 with probability 1 − p = 0.6. Co..
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