FASB Cases: Sales Returns, Drummond Company, Lion Company

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FASB Cases: Sales Returns, Drummond Company, Lion Company

Mini-Case # 1
You and your colleagues are having a discussion about sales returns. One person thinks that you should give customers whatever kind of sales return policy it takes to beat out competitors and drive up sales revenue. As an accountant you think that FASB might have other ideas about customers being able to return stuff willy-nilly. Your boss asks you to consult the FASB Codification and report back to her. Your boss doesn`t like surprises or wordy memo so make sure your answer is concise but thorough.

Mini-Case # 2
Aubrey Smith recently joined Drummond Company as a staff accountant in the controller`s office. Drummond Company provides off-site storage and shredding services for companies in several Southern cities.
The location in Birmingham, Alabama, has not been performing well due to increased competition and the loss of several customers that have recently gone out of business. Aubrey`s manager suspects that the fixed assets may be impaired and wonders whether those assets should be written down. Given the company`s prior success, this issue has never arisen in the past, and Aubrey has been asked to look into this issue and report back.

Mini-Case # 3
Lion Company is thinking about purchasing one of its smaller distributors to increase the efficiency and effectiveness of its selling and distribution functions. Your financial analyst group has been asked analysis the effects of the acquisition on the company`s consolidated financial statements. Lion has never bought another company before and the staff disagrees on how goodwill of a subsidiary is accounted for each year. Some think that earnings are lowered by amortization; others think that the accounting for goodwill has changed. Your supervisor has asked you to thoroughly research this issue.

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