The Midnight Journal Entry
Anne T. Lawrence, San José State University
On an overcast afternoon in Portland, Oregon, on Friday, March 28, 2003, Richard Okumoto intently studied a set of hard-copy accounting documents called “adjusting journal entries” spread out on his desk. He had been appointed chief financial officer (CFO) of Electro Scientific Industries, Inc. (ESI), a multi-million dollar equipment manufacturer, just a few weeks earlier. Okumoto was in the midst of closing the company’s books for the third quarter of fiscal year 2003, which ended February 28. An experienced executive who had served as CFO for several other technology firms, Okumoto was familiar with the task, which normally would be routine. But this time, he
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After the accident, Okumoto’s mother took a job cleaning homes to help support her five children. Okumoto described his relationship with his mother:
She and I had an especially close bond. Shortly before my dad’s accident, both her parents had died. I was the one who supported her through a very difficult year. As a result, she always treated me differently from the other kids—almost like an adult.
The Okumoto family’s financial situation after the accident was difficult. Okumoto had vivid memories of how they coped:
Money was very short. We had to account for every penny. Every week, my mother wrote down in a leather-bound journal everything she earned and everything we spent in the household, down to the penny. Every week, from the time I was ten years old, she went through that with me. We lived on a cash basis. There was no credit card, no second mortgage. In that situation, budgeting became extremely important. Her comment to me was, “You can’t complain [about what you don’t have] unless you understand what’s happening.” Those were her ground rules.
He added this comment about his mother’s values:
The ethics of doing the right thing become very important, because that’s really all you have. [My mother] instilled in me at an early age, regardless of what else you do, always take the high road, always do the right thing. That has influenced me throughout my career. After
Within my own career, I plan to follow certain core ethical values as a mandatory requirement. In my personal life, I have dealt with a lot of negative people or situations, which have left me with a positive outcome; I have learned what NOT to do or who NOT to be.
When I first read Night first thing that came to mind was the story seem more of a tragedy. However, I wanted to challenge myself and find humor in what I was reading, a genre that I am not familiar with in regards to writing. I looked at the words and read them differently, with a sense of humor, to me the author seem like was mocking her father, (Pokrass, n.d.).
Rich, J., Jones, J., Heitger, D., Mowen, M., & Hansen, H. (2012). Cornerstones of Financial & Managerial Accounting. Mason, OH: South-Western/Cengage
Jayne has over 27 years of experience in the accounting industry, including public accounting and helping with public and private businesses. She has worked with manufacturing, distribution, contracting, service and business consulting. She has also held many executive positions and with her experience, the author knew she would have valuable knowledge of the accounting industry. She is also an alumnus of Concordia University Wisconsin (McQuillan, J., personal interview, April 6, 2017). The second interview was with David Behnke, the CFO of Dowco, Inc. in Manitowoc, Wisconsin. David also has been in roles throughout the industry including the public sector and in manufacturing. The author was mostly interested in his role as a CFO, as he has held it for many years, and receiving a fuller job description for the typical CFO (Behnke, D., personal interview, April 13, 2017).
A few weeks after her death I walked passed her mother and big brother. My knees went weak like I just stood through an earthquake and my heart stopped beating. Her mother politely asked how I’ve been keeping in a friendly way I said “I’m okay” but deep down I wasn’t. She told me how things have been really tough but she was starting to manage and handle things a bit better. I could tell that her mother was broken inside and so was I. She managed to force a smile as she said goodbye.
Without a doubt, one of the darkest episodes in the history of mankind involved the systematic extermination of Jews, Gypsies, Slavs and gays by Nazi Germany. In order to get a good sense of the horror and despair that was felt by the interned, one simply needs to read the memoirs of Elie Wiesel in his “Night”, as translated from French by Stella Rodway and copyrighted by Bantam Books in 1960.
The book Night, by Elie Wiesel, is an autobiography about his experiences during the Holocaust. The story takes place in the 1940’s. The main characters are Elie and his father. Other characters are Elie’s mother and sister.
While looking to find a way to meet the financial estimates Terry Reed, the CFO, discovers a transaction on December 20, 2010 that might solve the problem. Excello sold $1.2 million of equipment to Data Equipment Systems. This type of transaction would be recorded as a sale on the
Having ethical theories and norms are important. In every aspect of life, there will be ethical challenges that must be faced, knowing the difference between wants and should, as well as knowing your own strengths and recognizing your ethical standards is a wonderful place to start. I know ethical decision will be presented throughout my life, but having those constants, knowing that through any situation that if I hold onto my principles, veracity and seeking justice, they will help me be a better person and I will stay on a path of knowing my own
Richard Okumoto has the greatest responsibility because he is in charge of the accounting department of the company. He is also legally responsible for the information in case of fraud, although he cannot be personally held responsible for the act. He can lose his job before he has enough time to explain the problem to the members of the board.
Terry Reed wants to record $1.2 million of Data Equipment Systems’ sale before 2010 ends. The motivation of his intent is to meet the revenue estimate, and so to secure the top management’s bonus and stock option. Marty Fuller explains the rules in accounting for the sales where the goods are held for future delivery. But Reed is prepared to accelerate the revenue by all means. Fuller then called the accounting team for alternative solution to satisfied Reed’s requirement, and at the meantime, not to violate GAAP standards and legislations.
Helen presents as a 45- year-old African American woman who has had a study employment till she got fired a month ago. She demonstrates strength from her honest, courageous, determined, and caring nature. She is open and willing to give counseling a try to help her cope during her difficult time. However, her weakness consists of excessive worry and self-critical due to the fact that she feels like a failure. Yet, Helen demonstrates that her bible reading group on Tuesday nights provides her with support. In addition, she illustrates that visiting her friend which has helped her elevate her mood. Nonetheless, she is facing difficulties with work due to recently losing a job due to making numerous mistakes. In this case, Helen self-referred herself due to various stressors such as job loss and a break-up. The client demonstrates three culturally-linked organizing principles such as environmental, education, support group, and personal lifestyle.
Knowledge about personal finance is not always common knowledge and although money touches most modern homes, most parents don’t teach their kids about money either. It can be hard to find time in a busy schedule to figure out when and how to adjust your time to set up a proper budget so instead you just decide to live pay check to paycheck because it got your parents by and now it gets you by and that has just always worked. One day you have to grow up and realize that those consequences of being financially stupid will come back to haunt you.
The documents generated in the process of financial accounting are used by those outside of the company and are specifically prepared with information that would be useful for decision-makers who are not part of the company. These statements are generally used by stockholders, creditors, financial analysts, government agencies, potential investors, and other business entities (Porter & Norton, 2011). While the main use of these statements
The author thanks Professors Martha Howe, Donna McConville, Ari Yezegel, participants at the 2013 North American Case Research Association Annual Conference, the 2013 American Accounting Association Northeast Region Annual Meeting, and 2014 American Accounting Association Annual Meeting for their comments and suggestions on the earlier versions of the case. Comments and suggestions of the editor, associate editor, and two anonymous reviewers are also gratefully acknowledged. Supplemental material can be accessed by clicking the links in Appendix A.