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REY [17]
3 years ago
6

For each of the situations​ listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that i

s violated​ (competence, confidentiality,​ integrity, or​ credibility).
1. To reduce the company's tax bill, Jack uses total cost to value inventory instead of using product cost as required by law.
2. Since Emilie works in the accounting department, she is aware that profits are going to fall short of analysts' projections. She tells her aunt to sell stock in the company before the earnings release date.
3. Veronica pays a Mexican official a bribe of $50,000 to allow the company to locate a factory in that jurisdiction so that the company can take advantage of the cheaper labor costs. Without the bribe, the factory cannot be located in that location.
4. There is a failure in the company's backup system after a system crash. Month-end reports will be delayed. Kayla, the manager of the division experiencing the system failure, does not report this upcoming delay to anyone since she does not want to be the bearer of bad news.
Business
1 answer:
DaniilM [7]3 years ago
4 0

Answer:

1. To reduce the company's tax bill, Jack uses total cost to value inventory instead of using product cost as required by law.

  • Competence: accounting records must follows applicable laws, regulations and standards, you must IRA and GAAP rules when preparing financial statements and tax reports.

2. Since Emilie works in the accounting department, she is aware that profits are going to fall short of analysts' projections. She tells her aunt to sell stock in the company before the earnings release date.

  • Confidentiality: accounting records must b confidential unless you are authorized to disclose them, and you are not authorized to disclose the information to your aunt.

3. Veronica pays a Mexican official a bribe of $50,000 to allow the company to locate a factory in that jurisdiction so that the company can take advantage of the cheaper labor costs. Without the bribe, the factory cannot be located in that location.

  • Integrity: you must abstain from performing illegal activities, and bribery is illegal.

4. There is a failure in the company's backup system after a system crash. Month-end reports will be delayed. Kayla, the manager of the division experiencing the system failure, does not report this upcoming delay to anyone since she does not want to be the bearer of bad news.

  • Credibility: you must report all relevant and important information regardless of whether that information will make you bad or not.
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Answer:

As a result of a fall in interest and YTM, the bond price will increase by $15.04

Explanation:

To calculate the change in price due to fall in interest rate, we must first calculate the price of the bond before and after the fall of interest rates.

To calculate the price of the bond, we need to first calculate the coupon payment per period. We assume that the interest rate provided is stated in annual terms. As the bond is a semi annual bond, the coupon payment, number of periods and semi annual YTM will be,

Coupon Payment (C) = 1000 * 0.062 * 0.5 = $31

Total periods (n)= 2 * 2 = 4

r or YTM = 6% * 1/2 = 3% or 0.03

The formula to calculate the price of the bonds today is attached.

<u />

<u>Before Interest rates Fell</u>

Bond Price = 31 * [( 1 - (1+0.03)^-4) / 0.03]  +  1000 / (1+0.03)^4

Bond Price = $1003.717098 rounded off to $1003.72

<u />

<u />

<u>After Interest Rates Fell</u>

New YTM = 6% - 0.8%   =  5.2% or 0.052

Semi Annual YTM = 0.052 * 0.5  = 0.026

Bond Price = 31 * [( 1 - (1+0.026)^-4) / 0.026]  +  1000 / (1+0.026)^4

Bond Price = $1018.764647 rounded off to $1018.76

Change in Bond Price = 1018.76 - 1003.72   = $15.04

As a result of a fall in interest and YTM, the bond price increased by $15.04

7 0
3 years ago
Scenario: Mary Ling works for XYZ Corporation, LLC and they have just merged with ABC, Inc. Mary’s job, supervisor, and work loc
Minchanka [31]

Answer: c. Mary will need to send some sort of official documentation regarding the merge or company name change to the DSO, so that her record can be updated.

Explanation:

The options to the question are:

a. This is a new company and new position, Mary will need to compelete a new CPT application.

b. Nothing has changed, Mary does not need to provide any updates.

c. Mary will need to send some sort of official documentation regarding the merge or company name change to the DSO, so that her record can be updated.

d. Mary can call campus and just tell someone.

From the question, we are informed that Mary Ling works for XYZ Corporation, LLC and they have just merged with ABC, Inc. In this case since there is a merger, Mary has to send official documentation to the DAO in order to notify them about the merger and the change of name of the company. When the documents are received by the DSO, it'll be processed and the change will be effected in the student's record.

4 0
3 years ago
The main mechanism that regulates the market system is
ololo11 [35]

The main mechanism that regulates the market system is the government. It is because they are the one that sets up and regulates the system and allows the mechanism of the system to continue as the government is the one that enforces and controls the demand and supply in the market system.

5 0
3 years ago
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Hawk corporation can not stop Hawk's use of Hawk because the motorcycles can not be confused with medicines and it will cause any monetary damage.

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Trademarks possibly apply if the basic name creates turmoil in the brain of the customer. Since bikes can't be mistaken for clinical gear, the bike producer won't have the option to persuade an appointed authority that there are money related harms.

Subsequently, any endeavor to recuperate harms from the clinical stock organization will be a complete exercise in futility because the other trade mark is used by a firm making medicine which has no link with motorcycles.

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3 years ago
"S Company reported net income for 2021 in the amount of $460,000. The company's financial statements also included the followin
jekas [21]

Answer:

$633,000

Explanation:

Calculation to determine net cash provided by operating activities under the indirect method

Using this formula

Net cash provided by operating activities=Net income-(+Increase in accounts receivable)-(-Decrease in inventory )+Increase in accounts payable+Depreciation expense -Gain on sale of land

Let plug in the formula

Net cash provided by operating activities=$460,000 -(+$75,000)-(-$62,000) + $230,000 +$103,000 - $147,000

Net cash provided by operating activities=$633,000

Therefore net cash provided by operating activities under the indirect method is $633,000

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3 years ago
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