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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?
In a job-order costing system, direct labor costs usually are recorded initially with a debit to:
Compute the annual equivalent worth of the following project cash flows at an interest rate 9%
Cardinal Company is comsidering a project that would require a $2,745.000 investment in equlpment with a useful life of five years. At the end of five year the prodect would teaminate and the euulpment be sold for its salvege value of $500,000.
When is the unearned revenue recognized in the financial statements
What are deferral and accruals revenue cash of 18,000 on august1, 2007 for one year recorded translation with credit rent revenue. What should be December 31, 2007 adjusting entry
what is the payback period for tangshan mining companys new project if its initial after tax cost is 5000000 and it is
the following data relating to direct materials cost for november of the current year are taken from the records of tot
Evaluate the EMR product and create an estimation on how long a system implementation would take for a group practice of 5 full time Physicians that are very knowledgeable about information systems and software. They have never implemented or used..
The purpose of this assignment is to highlight the importance of listening and responding in negotiations and to identify ways to improve listening and speaking in various negotiation situations.
employees earn vacation pay at the rate of one day per month. during july 25 employees qualify for one vacation day
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?
Research working title:An examination of the extent to which the manufacturing industries in Singapore use Enterprise budget management model analysis.
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