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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Accounting & MIS 624 Exam III Spring 2007 Instructions: 1. Read   each   question   carefully   and   answer   fully.     All   firms   use   a  calendar year. 2. Problems not supported by relevant and readable computations are  subject to point loss.   Where appropriate, terms like   A net income, @ A net loss, @  etc. must be included with number answers. 3. 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. 4. 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 7 Total 100 65 - 80 minutes Problem I On 11/15/07, ABC bought inventory from a French firm and agreed to pay the  100,000 Euros ( ) amount on 2/13/08.  To protect this exposed liability, ABC paid $2,200 to 
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