Order now. hart nance and jason symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual withdrawal of $80,0. To even out the workload, nance travels around the country inspecting their properties. In preparing for his daughter’s wedding, symington took inventory that cost $10,0. He recorded the transaction as follows: debited cost of goods sold for $10,0 and credited merchandise inventory for $10,0 1. week 2 forum the importance of cash flow moss exports is having a bad year.

Also, two important overseas customers are falling behind in their payments to moss, and moss’s accounts receivable are ballooning. The moss exports board of directors is considering ways to put the best face on the company’s financial statements. Daniel peavey, moss’s controller, suggests reclassifying the receivables from the slow paying clients as long term.

He explains to the board that removing the $80,0 increase in accounts receivable from current assets will increase net cash provided by operations. Using only the amounts given, compute net cash provided by operations, both without and with the reclassification of the receivables. Under what condition would the reclassification of the receivables be ethical? unethical? week 3 forum the rolex benefit becky knauer recently resigned from her position as controller for shamalay automotive, a small, struggling foreign car dealer in upper saddle river, new jersey.

Becky has just started a new job as controller for mueller imports, a much larger dealer for the same car manufacturer. Demand for this particular make of car is exploding, and the manufacturer cannot produce enough to satisfy demand. The manufacturer’s regional sales managers are each given a certain number of cars. Each sales manager then decides how to divide the cars among the independently owned dealerships in the region. Because of high demand for these cars, dealerships all want to receive as many cars as they can from the regional sales manager.

Becky’s former employer, shamalay automotive, receives only about 25 cars each month. Becky is surprised to learn that her new employer, mueller imports, receives more than 200 cars each month. Every couple of months, a local jeweler bills the dealer $5,0 for miscellaneous services. Franz mueller, the owner of the dealership, personally approves payment of these invoices, noting that each invoice is a selling expense. From casual conversations with a salesperson, becky learns that mueller frequently gives rolex watches to the manufacturer’s regional sales manager and other sales executives. Before talking to anyone about this, becky decides to work through her ethical dilemma. What are the possible consequences? week 4 forum bonus temptations rick pines and joe lopez are the plant managers for high mountain lumber’s particle board division.

Each plant combines wood chips with chemical adhesives to produce particle board to order, and all product is sold as soon as it is completed. All of high mountain lumber’s plants and divisions send green their production and cost information. While reviewing the numbers of the two particle board plants, she is surprised to find that both plants estimate their ending work in process inventories at 75% complete, which is higher than usual.

He admits that to ensure their division would meet its profit goal and that both he and pines would make their bonus which is based on division profit , they agreed to inflate the percentage completion. Whatever the percent complete, we’ll finish the work in process inventory first thing next year. How would inflating the percentage completion of ending work in process inventory help pines and lopez get their bonus? 2. The particle board division is the largest of high mountain lumber’s divisions. If green does not correct the percentage completion of this year’s ending work in process inventory, how will the misstatement affect high mountain lumber’s financial statements? 3.

Evaluate lopez’s justification, including the effect, if any, on next year’s financial statements. Address the following: what is the ethical issue? what are the options? what are the potential consequences? what should green do? you have just begun your summer internship at omni instruments. The controller, matthew barnhill, asks you to compute: 1 the new breakeven sales figure, and 2 the operating profit if sales increase 15% under the new sales commission plan. He thinks you can handle this task because you learned cvp analysis in your accounting class. You spend the next day collecting information from the accounting records, performing the analysis, and writing a memo to explain the results. You report that the new sales commission plan will lead to a significant increase in operating income and only a small increase in breakeven sales.

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You overlooked the sales personnel’s $2,800 monthly salaries and you did not include this fixed marketing cost in your computations. If you tell matthew barnhill of your mistake, he will have to tell the president. In this case, you are afraid omni might not offer you permanent employment after your internship.

How would your error affect breakeven sales and operating income under the proposed sales commission plan? could this cause the president to reject the sales commission proposal? 2. Is there a difference between: a initially making an error and b subsequently failing to inform the controller? 3. Why might the consequences not be as bad as you fear? should barnhill take any responsibility for your error? what could barnhill have done differently? 4. After considering all the factors, should you inform barnhill or simply keep quiet? week 6 forum professional ethics rita lane is the accountant for outdoor living, a manufacturer of outdoor furniture that is sold through specialty stores and internet companies.

Lane is responsible for reviewing the standard costs and making recommendations for adjustments to the controller. Lane has been approached by casey henderson, a former colleague who worked with lane when they were both employed by a public accounting firm. Henderson has recently started his own firm, henderson benchmarking associates, which collects and sells data on industry benchmarks. He offers to provide lane with benchmarks for the outdoor furniture industry free of charge if she will provide him with the past three years of outdoor living’s standard and actual costs. Henderson explains that this is how he obtains most of his firm’s benchmarking data. Lane always has a difficult time with the standard setting process and believes that the benchmark data would be very useful. Use the ima’s ethical guidelines w.imanet.org/pdfs/statement%20of%20ethics_web.pdf to identify the ethical dilemma.

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