( Mary Jansen is the assistant chief accountant at Casey Company, a manufacturer of computer chips and cellular phones. The company presently has a total sales of $20 million. It is the end of the first quarter. Mary is hurriedly trying to prepare a general ledger trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. The total credits on the trial balance exceed the debits by $1000 . In order to meet the 4. pm deadline, Mary decides to force the debits and the credits into balance by adding the amount of difference to the equipment account. she chose equipment because it is one of the larger balances; percentage wise, it will be the least misstated. Mary "plugs" the difference! She believes that the difference will not affect anyones decision. She wishes that she had another few days to find the error but realizes that the financial statements are already late)(1)- Who are the stakeholders in this situation?(2)- What are the ethical issues involved in this case?(3)- What are Marys alternatives?Ethical case 2( B. J. Ortiz Wholesale Corp. uses the LIFO method of inventory costing. In the current year, profit at B. J Ortiz is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline significantly next year. In an effort to lower the current years net income to take advantage of the changing income tax rate, the president of B. J> Ortiz Wholesale instructs the plant accountant to recommend to the purchasing department a large purchase of inventory for delivery 3 days before the end of the year. The price of the inventory to be purchased has doubled during the year, and the purchase will represent a major portion of the ending inventory value.)(1)- What is the effect of this transaction on this years and next years income statement and income tax expense? Why?(2)- If B. J. Ortiz Wholesale had been using the FIFO method of inventory costing, would the president give the same directive?(3)- Should the plant accountant order the inventory purchase to lower income? What are the ethical implications of this order?Ethics case 3( Daniel Logan owns and manages Danials Restaurant, a 24-hour restaurant near the citys medical complex/ Danial employs a 9 full-time employees and 16-part time employees.He pays all the full time employees by check, the amounts of which are determined by Danials public accountant, Gina Watt. Danial pays all of his part time employees in currency. He computes their wage and withdraws the cash directly from his cash register.Gina has repeatedly urged Danial to pay all employees by check. But as Danial has told his competitor and friend, Steve Hill. who owns the Greasy Diner, "My part-time employees prefer the currency over a check. Also, I dont withhold or pay any taxes or workmans compensation insurance on those cash wages because they go totally unrecorded and unnoticed.")(1) Who are the stakeholders in this situation ?(2) What are the legal and ethical considerations regarding Danials handling of his payroll?(3)- Gina Watt is aware of Danials payment of the part-time payroll in currency. what are her ethical responsibilities in this case?(4)- What internal control principle is violated in this payroll process?CLICK HERE TO GET MORE ON THIS PAPER !!!CLICK HERE TO ORDER THIS PAPER AT AN AFFORDABLE PRICE
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more