Is Cannally and Kennedy acting in an ethical manner by eliminating the bonus? Explain your answer. Is Tonya behaving ethically by making up the bonus with unnecessary overtime? Why or why not?
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![Tonya Latirno is a staff accountant for Cannally and
Kennedy, a local CPA firm. For the past 10 years, the firm
has given employees a year-end bonus equal to two
weeks' salary. On November 15, the firm's management
team announced that there would be no annual bonus
this year. Because of the firm's long history of giving a
year-end bonus, Tonya and her coworkers had come to
expect the bonus and believed that Cannally and
Kennedy had breached an implicit agreement by
discontinuing the bonus. As a result, Tonya decided that
she would make up for the lost bonus by working an extra
six hours of overtime per week for the rest of the year.
Cannally and Kennedy's policy is to pay overtime at 150%
of straight time.
Tonya's supervisor was surprised to see overtime being
reported, because there is generally very little additional
or unusual client service demands at the end of the
calendar year. However, the overtime was not questioned,
because employees are on the "honor system" in
reporting their work
Is Cannally and Kennedy acting in an ethical
manner by eliminating the bonus? Explain your
answer.
Is Tonya behaving ethically by making up the bonus with
unnecessary overtime? Why or why not?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2137a4c-edc4-41c4-88b8-f6ee1c89cfc4%2Fc6642537-ae4c-45dc-8d83-7f7203b73a6e%2F7tw14_processed.jpeg&w=3840&q=75)
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- Tonya Latirno is a staff accountant for Cannally and Kennedy, a local CPA firm. For the past 10 years, the firm has given employees a year-end bonus equal to two weeks’ salary.On November 15, the firm’s management team announced that there would be no annual bonus this year. Because of the firm’s long history of giving a year-end bonus, Tonya and her coworkers had come to expect the bonus and believed that Cannally and Kennedy had breached an implicit agreement by discontinuing the bonus. As a result, Tonya decided thatshe would make up for the lost bonus by working an extra six hours of overtime per week for the rest of the year. Cannally and Kennedy’s policy is to pay overtime at 150% of straight time.Tonya’s supervisor was surprised to see overtime being reported, because there is generally very little additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because employees are on the “honor system” in reporting their…Tonya Latirno is a staff accountant for Cannally and Kennedy, a local CPA firm. For the past 10 years, the firm has given employees a year-end bonus equal to two weeks' salary. On November 15, the firm's management team announced that there would be no annual bonus this year. Because of the firm's long history of giving a year-end bonus, Tonya and her co-workers had come to expect the bonus and felt that Cannally and Kennedy had breached an implicit agreement by discontinuing the bonus. As a result, Tonya decided that she would make up for the lost bonus by working an extra six hours of overtime per week for the rest of the year. Cannally and Kennedy's policy is to pay overtime at 150% of straight time. Tonya's supervisor was surprised to see overtime being reported, because there is generally very little additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because employees are on the “honor system” in reporting their…onya Latirno is a staff accountant for Cannally and Kennedy, a local CPA firm. For the past 10 years, the firm has given employees a year-end bonus equal to two weeks’ salary. On November 15, the firm’s management team announced that there would be no annual bonus this year. Because of the firm’s long history of giving a year-end bonus, Tonya and her co-workers had come to expect the bonus and felt that Cannally and Kennedy had breached an implicit agreement by discontinuing the bonus. As a result, Tonya decided that she would make up for the lost bonus by working an extra six hours of overtime per week for the rest of the year. Cannally and Kennedy’s policy is to pay overtime at 150% of straight time. Tonya’s supervisor was surprised to see overtime being reported, because there are generally very little additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because employees are on the “honor system” in reporting their…
- Tonya is a staff accountant for a local CPA firm. For the past 10 years, the firm has given employees a year-end bonus equal to two weeks' salary. On November 15, the firm's management team announced that there would be no annual bonus this year. Because of the firm's long history of giving a year-end bonus, Tonya and her co-workers had come to expect the bonus and felt that the CPA firm owed the money to the employees. Tonya decided that she would make up for the lost bonus by working an extra six hours of overtime per week for the rest of the year because overtime hours are paid at "time and a half" rates. Tonya's supervisor was surprised to see overtime being reported, because there's usually not an increase in client service at the end of the calendar year. However, the overtime was not questioned, because employees are on the "honor system" in reporting their work hours. What are your thoughts on this situation?Betty Crawford is a staff accountant for a local CPA firm. For the past 15 years, the CPA firm has given employees a year-end bonus equal to two weeks’ salary. On November 30, the firm’s management team announced that there would be no annual bonus this year. Because of the firm’s long history of giving a year-end bonus, Betty and her co-workers had come to expect the bonus and felt that the firm had breached an implicit agreement by discontinuing the bonus. As a result, Betty decided that she would make up for the lost bonus by working an extra six hours of overtime per week for the rest of the year. The firm's policy is to pay overtime at 150% of straight time. Betty’s supervisor was surprised to see overtime being reported because there are generally very few additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because employees are on the “honor system” in reporting their work hours. 1. Is the firm acting in an…Tonya Latirno is a certified public accountant (CPA) and staff accountant for Kennedy and Kennedy, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks’ salary to all employees. The firm’s new management team announced on November 15 that a bonus equal to only one week’s salary would be made available to employees this year. Tonya thought that this policy was unfair because she and her coworkers planned on the full two-week bonus. The two-week bonus had been given for 10 straight years, so it seemed as though the firm had breached an implied commitment. Thus, Tonya decided that she would make up the lost bonus week by working an extra six hours of overtime per week over the next five weeks until the end of the year. Kennedy and Kennedy’s policy is to pay overtime at 150% of straight time.Tonya’s supervisor was surprised to see overtime being reported, because there is generally very little additional or unusual client service demands at…
- Paul Howard, the new plant manager of Garden Scapes Manufacturing Plant Number 7, has just reviewed a draft of his year-end financial statements. Howard receives a year-end bonus of 11.5% of the plant’s operating income before tax. The year-end income statement provided by the plant’s controller was disappointing to say the least. After reviewing the numbers, Howard demanded that his controller go back and “work the numbers” again. Howard insisted that if he didn’t see a better operating income number the next time around he would be forced to look for a new controller. Garden Scapes Manufacturing classifies all costs directly related to the manufacturing of its product as product costs. These costs are inventoried and later expensed as costs of goods sold when the product is sold. All other expenses, including finished-goods warehousing costs of $3,640,000, are classified as period expenses. Howard had suggested that warehousing costs be included as product costs because they are…Forrester and Cohen is a small accounting firm, managed by Joseph Cohen since the retirement in December of his partner Brad Forrester. Cohen and his 3 CPAs together bill 620 hours per month. When Cohen or another accountant bills more than 155 hours per month, he or she gets an additional "overtime" pay of $65.80 for each of the extra hours: this is above and beyond the $5,100 salary each draws during the month. (Cohen draws the same base pay as his employees.) Cohen strongly discourages any CPA from working (billing) more than 245 hours in any given month. The demand for billable hours for the firm over the next 6 months is estimated below: Month Estimate of Billable Hours Jan. 600 Feb. 510 Mar. 1,010 Apr. 1,220 May 660 June 580 Cohen has an agreement with Forrester, his former partner, to help out during the busy tax season, up to 245 hours in any given month if needed, for an hourly fee of $135. Cohen will not even…Your boss approaches you in mid-December and requests that you pay certain employees their gross pay amount as if there were no deductions as their year-end bonuses. None of the employees have reached the Social Security wage base for the year and the company pays semimonthly. Required: What is the gross-up amount for each of the following employees? (The tax rate on bonuses is 22% and no state taxes. Social Security (6.2%) and Medicare taxes (1.45%) must be added to this rate.) Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Onyx Saint John Indigo Johnson Zion Hale $ $ $ Regular Gross Pay per Period 1,425 2,400 2,240 Grossed-up Amount
- Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees of Pack-It Services are paid semimonthly. An employee, Glen Riley, comes to her on November 6 and requests a pay advance of $1,650, which he will pay back in equal parts on the November 15 and December 15 paychecks. Glen is married with eight withholding allowances and is paid $58,640 per year. He contributes 3 percent of his pay to a 401(k) and has $25 per paycheck deducted for a Section 125 plan. Compute his net pay on his November 15 paycheck. The applicable state income tax rate is 2.88 percent. Use the Wage Bracket Method Tables for Income Tax Withholding in Appendix C. (Round your intermediate calculations and final answer to 2 decimal places.)Jacqueline Elliott is employed to Make-All Co. Limited since 2009 and worked her way up from filing clerk now to assistant general manager. In 2014, her annual pay package included: salary of $890,000 and bonuses (10% of salary); she also received director’s fees of $15,000.00 per month from January for 12 months. Elliott was contracted by her father as a consultant for his marketing company. He paid her $170,000.00 from his personal bank account and his company reimbursed him what he paid his daughter that is after paying her $520,000.00 to complete her contractual agreement. She contributes 10% of her gross emoluments to a Pension Plans of Make-All Co. Limited and also her father’s company. Her national insurance contribution is 2.5% of her gross emoluments up to a maximum of $3,000,000.00. Calculate PAYE deductions of Elliott for the year ending December 31, 2014? How much would be the net pay of Elliott? What is the income tax threshold/personal allowance in 2014 in Jamaica?Jack Closets, Inc. employs 27 employees earning an average of $1,550 per week. The company awards each employee three weeks of vacation per year. Vacation days neither accumulate nor vest if not taken in the year earned. During the current year, 25 of Jack's employees took their 3 full weeks while the other 2 employees were unable to take any vacation this year. Prepare the journal entry necessary to record Jack's vacation pay. (Record debits first, then credits. Exclude explanations from journal entries.) Account Vacation Wage Expense Cash Current Year 116,250 116,250
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