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Karolina [17]
3 years ago
7

8 Hospital administrator Jake Rosen9 was recently con victed for fraud he committed against his employer, Cedar Hospital Systems

. Over a period of six years, he allegedly made payments to a dummy company for maintenance charges while simultaneously running a scheme with maintenance contractors where he either paid them for work never performed or overpaid them for work. The skyscraper where Jake worked was only 10 years old. Maintenance charges rose from $5.2 mil lion in 1994 to $16.4 million in 2000. It was worth noting that the judge on the case questioned whether Cedar Hospital Systems deserved less than full restitu tion for failing to notice the problem. However, it was determined that federal law on restitution does not al low such charges, so Jake Rosen will be making monthly payments towards the alleged $8 million he stole until he makes full restitution after leaving prison. He was able to quickly repay $3.2 million of the theft with assets recovered by the government, including two homes and a nice yacht. Not bad for a man who was supposed to be making $90,000 per year. 1. In what specific types of fraud was Jake Rosen engaged
Business
1 answer:
Alenkinab [10]3 years ago
5 0

Answer:

Asset Misappropriation.

Explanation:

The type of fraud that Jake Rosen engaged in is called Asset Misappropriation.

Asset Misappropriation happens when a person diverts the assets of the company they work for or the client they represent, for their own personal use.

Jake Rosen diverted the funds of the hospital for his own personal use to enabled the purchase of two homes and a nice yacht amongst other things thereby making him guilty of asset misappropriation.

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A company purchased 300 units for $60 each on January 31. It purchased 150 units for $25 each on February 28. It sold a total of
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Answer:

Weighted-average inventory costing method Ending Inventory = $ 9666.67= $ 9667

Explanation:

Date           Particulars       Units   Unit Cost        Total Cost

January 31  Purchases          300             $ 60        $ 18,000

February 28   Purchases       150             $ 25          $3750

Total                                       450                               $ 21,750

Weighted-average inventory costing method=  Total Cost/ Total Units=

                                    $ 21,750/450= $48.33 purchase price per unit

Sales              250 units       at     $ 70    =      $ 17500

Ending Units =  Purchases-Sales = 450-250= 200

Weighted-average inventory costing method Ending Inventory = $ 9666.67

200 units at 448.33=  $ 9666.67= $ 9667

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