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Your firm recently acquired a new client, Green Dreams, a proven leader in the golf club manufacturing industry and you were selected as senior in charge of Green Dreams' audit engagement. Green Dreams emerged as a leader in the industry when it introduced "Big Daddy," the ultimate oversized driver. Big Daddy was an immediate success because it allowed the average golfer to drive like the professionals. In the early '90s, Green Dream introduced the "Smackmaster Series" which was a line of oversized perimeter weighted irons. Like Big Daddy, these irons were met with immediate approval and Green Dreams continued achieving record-breaking profits. The most recent product line offered by Green Dreams is the "Fujihara," a putter designed by a famous Japanese scientist that claims to take five strokes off your score.
Answer these questions on a group basis:
Problem 1. Use the Eight Elements of Reasoning we discussed in class and fill in all of the pieces for the main accounting issue: "How should Green Dreams account for the sales/use taxes?" Use the provisions of SFAC #6 and ASC 450-20 to reach a conclusion.
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