The Case of the Disputed Deere

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FACTS

At a farm auction in Georgia, Dick Perez and Anna Lara bid against each other on a Deere II tractor, and Dick bought it for $65,000. At a second auction the same day, Dick bought some equipment that he wanted to add to the tractor. He again encountered Anna, and the two agreed that Anna would install the new equipment. Anna took the tractor to her place of business to work on it.

Later, Dick came to the shop and paid $6,000 for Anna to do the work. Anna, in fact, was a dealer in farm machinery. She regularly bought such equipment at auctions, then repaired and sold it. Dick testified though that Anna’s shop appeared to him to be a repair shop and not a sales store.

Jorge’s Auction Services had done business with Anna in the past on a regular basis. Jorge’s wanted to buy the Deere II tractor in Anna’s store for the next auction. Anna executed a standard pre-auction document declaring that she owned the Deere II tractor. The state of Georgia does not require ownership papers for a tractor. Jorge’s bought the Deere II tractor from Anna for $30,000. When Dick learned of this, he demanded the tractor back, but Jorge’s refused.

AT TRIAL

Dick argued that Jorge’s never acquired good title to the Deere II tractor as Anna was never given title to the tractor. Anna was entrusted with the tractor for the purpose of repairs. Jorge’s argued that they had frequently purchased equipment from Anna under the same terms and conditions as when they bought the tractor. Therefore, they owned the tractor.

QUESTIONS

Who owns the Deere tractor at the time of trial?

Why? What is the legal theory(ies) used to win the case?

Is there anything the loser, in this case, could have done differently at the time of the

transactions that might have made them the winner?

Sample Solution

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Organizational weakness and a threat to the organization

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How can one distinguish between an organizational weakness and a threat to the organization?

Sample Solution

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TAHAKOM

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Choose ONE of the following areas and obtain data from your organization or one with which you are familiar:
• The turnover of staff over the last 3 years broken down into departments, job families and occupational groups, reasons for leaving and peaks and troughs through each year –
• OR
• The levels of absence over 3 years broken down into occupational groups, reasons for absence and the absence rates for each key part of the organization (e.g. administration production, sales, shop floor workers) – OR
• The outcomes from a recent staff survey indicating the level of job satisfaction and motivation for different occupational groups or departments, the main areas for dissatisfaction

Sample Solution

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Auditing Keep Safe, Inc.

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Sally Smith, CPA, was auditing Keep Safe, Inc. Smith sent positive accounts receivable confirmations to a number of Keep’s government customers. She received a number of returned confirmations marked “We do not confirm balances because we are on a voucher system.”

A. List alternative procedures that Smith might use to ensure the validity of these accounts.

B. Assuming all the procedures you list are viable options for the Keep audit, which procedures do you believe provides the highest-quality evidence and why?

2.

Visit the website of a catalog retailer similar to EarthWear Clothiers, and determine how it processes sales transactions, recognizes revenue, and reserves for returns. Note that you may have to examine the entity’s annual report and 10-K.

Prepare a memo summarizing your findings.

Sample Solution

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