AMIS624X3C - Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _...

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Unformatted text preview: Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Accounting & MIS 624 Exam III Spring 2008 Instructions: 1. Read each question carefully and answer fully. All firms use a calendar year. 2. Budget your time carefully. It is generally better to finish half of each problem than to complete all of half the problems. Students who continue to work on exams after instructed to stop will receive a zero on this exam. 3. It is the student's responsibility to verify that all the listed problems and pages are contained is this booklet. Unanswered questions receive zero points regardless of reason. Problem Pages Approximate Points Approximate Time I 2-3 34 22 27 minutes II 4-5 34 22 27 minutes III 6-7 32 21 26 minutes Page 2 of 8 Total 100 65 - 80 minutes Page 3 of 8 Problem I On 12/1/20x1, Taylor Company sold inventory to an Italian firm on account with 100,000 Euros () to be paid Taylor on 3/30/20x2. To protect this exposed receivable, Taylor paid $1,700 to purchase an option to sell 100,000 that expires on 3/30/20x2. Taylor will not exercise the option until 3/30/20x2, and then only if it is to their advantage. All entries not exercise the option until 3/30/20x2, and then only if it is to their advantage....
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This note was uploaded on 08/06/2011 for the course AMIS 624 taught by Professor Wallin during the Summer '11 term at Ohio State.

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AMIS624X3C - Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _...

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