Ethical Case Study V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount. To Identify: The stakeholders in this situation.

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Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

2.

To determine

To Identify: The ethical issues involved.

3.

To determine

To Identify: The alternatives available to V.

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The following financial statement information is from five separate companies. Beginning of year Assets Liabilities Compan Compan Compan Compan Compan УА y B ус y D y E $ 55,000 $34,000 $24,000 $60,000 $1,19,00 24,500 21,500 9,000 40,000 ? End of year Assets Liabilities Changes during 58,000 40,000 ? 85,000 1,13,000 ? 26,500 29,000 24,000 70,000 the year Owner 6,000 1,400 9,750 ? 6,500 investments Net income (loss) 8,500 ? 8,000 14,000 20,000 Owner 3,500 2,000 5,875 0 11,000 withdrawals Compute the amount of liabilities for Company E at the beginning of the year. End of the year Assets = Liabilities + Equity $ 1,13,000 = $ 70,000 + $ 43,000 Statement of Owner's equity Equity, beginning of year $ 43,000 Add: Investment by owner 6,500 Add: Net Income 20,000 69,500 Less: Withdrawal by owner 11,000 Equity, end of year ?

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Answer 2

Question

Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

2.

To determine

To Identify: The ethical issues involved.

3.

To determine

To Identify: The alternatives available to V.

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Answer 3

Question

Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

2.

To determine

To Identify: The ethical issues involved.

3.

To determine

To Identify: The alternatives available to V.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

2.

To determine

To Identify: The ethical issues involved.

3.

To determine

To Identify: The alternatives available to V.

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Answer 5

Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

2.

To determine

To Identify: The ethical issues involved.

3.

To determine

To Identify: The alternatives available to V.

Answer 6

Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

Answer 7

Chapter 3, Problem 3.9EYCT

1.

To determine

Ethical Case Study

V is the assistant chief accountant of Company I and is busy in preparing the trial balance at the end of the first quarter, as on the basis of that financial statements can be prepared and presented to the management and the regulatory authorities. But she was struck with the non-agreement of both the column of the trial balance as the credit total is $1,000 more than the debit total. As the deadline draws nearer, V decided to forcefully make both columns agree by adding $1,000 to the Equipment balance. She thought that the Equipment is a huge balance and nobody could find out the difference and in the mean time she could detect the differential amount.

To Identify: The stakeholders in this situation.

Answer 8

2.

To determine

To Identify: The ethical issues involved.

Answer 9

2.

To determine

To Identify: The ethical issues involved.

Answer 10

3.

To determine

To Identify: The alternatives available to V.

Answer 11

3.

To determine

To Identify: The alternatives available to V.

Answer 12

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Answer 13

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Answer 15

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains that V, the assistant chief accountant of Company I, manipulated with the account balance of the Equipment without any ill intention or motive to defraud the company.

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To Identify: The ethical issues involved.

To Identify: The alternatives available to V.

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