Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Graded Discussion Topic 1 After you have studied chapters 1-3, you are prepared to address this ethical case. Ellyn Kole is the assistant chief accountant

image text in transcribed

Graded Discussion Topic 1 After you have studied chapters 1-3, you are prepared to address this ethical case. Ellyn Kole is the assistant chief accountant at Doman Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Ellyn is hurriedly trying to prepare a transaction analysis to assist her in preparing the financial statements. The total of the liabilities and owner's equity exceeds the total assets by $1,000. In order to meet the 4 pm deadline, Ellyn decides to force the transaction analysis into balance by adding the amount of the difference to the Equipment account. She chooses Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstated. Ellyn "plugs' the difference! She believes that the difference will not affec anyone's decisions. She wishes that she had another few days to find the error but realizes that the final information is already late. In your discussion posting address ALL questions but not limit to the following questions: a. Who are the stakeholders in this situation? b. What are the ethical issues involved in this case? c. What are Ellyn's alternatives

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions