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Pantera Communications, Inc.
內容大綱
Andrew Ferris, a recent Thunderbird MBA graduate, joined Diversified Equity Investors LLC as an analyst specializing in the telecom, information technology, and cable/satellite industries. He was asked to provide a financial and accounting analysis report on Pantera Communications, Inc., a rapidly growing virtual telecom company. Pantera leased lines from the major long-distance operators, and resold long distance services using a network of independent representatives (IRs) who were paid an upfront commission for each new subscriber who signed up for the company's long distance service. Financial analysts were critical of the company's accounting policy of deferred revenue from the start-up package sold to IRs, and capitalizing and amortizing the commissions paid to IRs for acquiring new customers.