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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Accounting & MIS 624 Exam III Summer 2009 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
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Page 2 of 8 Total 100 65 - 80 minutes
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Page 3 of 8 Problem I On 12/1/20x1, Henry Company bought inventory from a French firm on account,  agreeing to pay 100,000 Euros ( ) on 3/30/20x2.  To protect this exposed liability, Henry  paid $750 to purchase an option to buy 100,000  that expires on 3/30/20x2.  Henry will not  exercise the option until 3/30/20x2, and then only if it is to their advantage.  All entries 
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