Ever since he was a kid, Carl Montague wanted to be a pro football player. When that didn’t work out, he found another way to channel his natural competitive spirit: He bought a small auto parts store in Kentucky that was deep in red ink (negative earnings). At the end of the year, he created “ghost” inventory by recording fake inventory purchases. He offset these transactions by “adjustments” to Cost of Goods Sold, thereby boosting profit and strengthening the balance sheet. Fortified with great financials, he got bank loans that allowed him to build up a regional chain of stores, buy a local sports franchise, and take on the lifestyle of a celebrity. When the economy in the region tanked, he could no longer cover his losses with new debt or equity infusions, and the whole empire fell like a house of cards.
For this week’s discussion, please respond to the questions listed below. In addition to your initial response, for full credit, please be sure to respond to more than two other students’ initial responses, as well.
Required Responses:
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