Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Related questions
Question
CASE 1. Disobeying an Informal Order
Mario is working as a clerk in a tax collector’s office. Due to staff shortage, he also performs the task of flag raising over the office building as part of his daily activities, even if it is not part of his official job description.
One day, the governor of their district, Mr. Santiago passed away. Three (3) years ago, Mario’s best friend was murdered during a riot allegedly orchestrated by Mr. Santiago. Nonetheless, the state secretary passes an order to all district collectors, to keep the national flag at “half-mast” (flag flying below the summit of the pole to mourn a death of a person) over their offices.
Mario have read the order of the state secretary. He felt angry with what he presumes as mockery of the national flag in respect to what happened to his best friend. He decided not to report to the office next morning and kept the door key of the rooftop where the flag was located to himself. He is confident that there will be no formal punishment which can be given to him because flag raising and putting it half-mast were not part of his official duty. Mario believes that his boss may reprimand him informally but he doesn’t care anymore because he thinks that Mr. Santiago killed his best friend.
QUESTION: Do you think Mario has made the right decision? Explain your answer.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Leon Jones worked in the warehouse of a large building supply company. One day he unexpected left for Fiji, never to return. His supervisor seized the opportunity to continue to submit time cards for Leon to the payroll department. Each week, as part of his normal duties, the supervisor received the employee paycheques from payroll and distribute them to the workers on his shift. As Leon was not present to collect his paycheque, the supervisor forged Leon’s name and cashed it. Required:Describe two control techniques to prevent or detect this fraud scheme.arrow_forwardJanice Morgan, age 24, is single and has no dependents. Janice works as an employee from Worldwide Publishing and also as a freelance writer. In January 2019, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her freelance writing business Writers Anonymous (self employed). Both Writers Anonymous and Janice operate on the cash basis. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Self Employed Information: Income from sale of articles 75,000 Rent 13,500 Utilities 7,900 Supplies 1,800 Insurance (business liability) 5,000 Travel (assume fully deductible) 2,300 Meals (while on business travel) 600 Meals (while meeting with clients) 600 Country Club (Used to entertain clients) 4,000 Client entertainment expenses 1,000 Personal items: Wages from Worldwide Publishing $110,000 Interest from checking account from First Bank 4,000 Home mortgage interest paid to First Bank 10,000 (Secured by…arrow_forwardLeon Jones worked in the warehouse of a large building supply company. One day he unexpected leftfor Fiji, never to return. His supervisor seized the opportunity to continue submit time cards for Leonto the payroll department. Each week, as part of his normal duties, the supervisor received theemployee pay cheques from payroll and distribute them to the workers on his shift. As Leon was notpresent to collect his pay cheque, the supervisor forged Leon’s name and cashed it.Required:Describe two control techniques to prevent or detect this fraud scheme.arrow_forward
- Rich, a club member, left his golf clubs with Bogan, the pro at the Happy Hours Country Club, to be refinished at Bogan’s pro shop. The refinisher employed by Bogan suddenly left town, taking Rich’s clubs with him. The refinisher had previously been above suspicion, although Bogan had never checked on the man’s character references. A valuable sand wedge that Bogan had borrowed from another member, Smith, for his own use in an important tournament was also stolen by the refinisher, as well as several pairs of golf shoes that Bogan had checked for members without charge as an accommodation. The club members concerned each made claims against Bogan for their losses. Can (a) Rich, (b) Smith, and (c) the other members compel Bogan to make good their respective losses?arrow_forwardJohn owns a convenience shop called City Conv. The following events occurred for John during 20192020 financial year. John incurred legal expenses as he was sued for false advertising. John purchased new fridge to the shop - $800. In addition, his builder added more space to the shop front. This cost him $22,000. John ordered 1000 new T-shirts with printed City Conv’s logos for marketing purposes. These costs him $1,500. John received a City of Sydney fine for putting his sales item for display outside his shop without a permit. He required to apply for a permit to use the footpath. Required: With reference to relevant legislation and case law advise John on the assessability and/or deductibility of above events. (maximum 300 words)arrow_forwardjohn smith worked in a stock yard of a large building supply company .one day he unexpectedly left for california never to return .his foreman seizeid the opportunity to continue to submit time cards for john to payroll department .each week ,as apart of his normal duties , the foreman received the employe pay check from payroll and distributed them to the workers on hs shify, because john was not presented to collect his pay check ,the fore man forged johns name and cashed it . required describe two control techiniques or dected this fraud scheme.arrow_forward
- LO.3 On Thursday, Justin flies from Baltimore (where the office for his sole proprietorship is located) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and returns to Baltimore on Thursday. Justin was scheduled to return home on Wednesday, but all flights were canceled due to bad weather. As a result, he spent Wednesday watching floor shows at a local casino. For tax purposes, what portion of Justin’s trip is regarded as being for business? Suppose Monday was not a legal holiday. Would this change your answer to part (a)? Explain. Under either part (a) or (b), how much of Justin’s airfare qualifies as a deductible business expense?arrow_forwardFor each of the following situations, indicate the nature and amount of the penalty that could be imposed. Description of the Penalty AND Penalty Amount $ a. Larry is a tax protester and files his tax return in the name of “Mickey Mouse.” b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her account. c. Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000.arrow_forwardHusband and Wife are engaged in business of selling product X in Mindanao, where there are many terrorist groups operating in the business area. In 2018, they have a total business net income of 250,000. Decide. a. Need to file one ITR for 2018, unless impracticable b. NO need to file because they are exempted due to terrorist groups. c. File a separate ITR under Section 51 (D), unless impracticable d. File a consolidated return on May 15, 2019, under Sec 51 (D) e. None of the abovearrow_forward
- What is Schedule D net income (Capital gains and losses)? Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable fringe benefit. The disability plan premiums and the disability benefit payments were not included in Paul’s W-2 wages reported in paragraph 3. Schedule D =arrow_forwardTyrell has a tax service and accounting business in Redwood City. He decides to move to Center City, which is 150 miles away and sells his accounting practice to Able and Baker, a CPA firm. In the sales contract, he agrees that he will refrain from practicing accounting anywhere within a 20-mile radius of Redwood City for a period of two years. However, on weekends he returns to his house in Redwood City, and when clients call him, he meets with them in his home. The sales agreement: Ois being violated by Tyrell. O is invalid, because it is an illegal restraint of trade. O is illegal, because it is a violation of public policy. O will be divided into an enforceable, valid portion and an unenforceable, invalid portion, which is the time provision, because the two-year period is too long.arrow_forwardQUESTION TWO Which of the following is NOT the role of zakah as a social security instrument. A ) The state government appoints Kasim to distribute zakat to the people affected by the flood living in his village. B ) Fatimah received capital assistance to start a chips business as part of the zakat center's efforts to improve her standard of living out of poverty. C ) Due to COVID-19 for the last two years, Ahmad has lost his job and now selling scrap metal for a living. However, he is only able to earn RM15 per day. D ) Zaki has made a financing with a bank to run a business. Total of the financing is RM1 million. Suddenly, his business fails. Now he is trying to repay the financing and it is really hard as he has no other income.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Essentials Of InvestmentsFinanceISBN:9781260013924Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.Publisher:Mcgraw-hill Education,
Foundations Of FinanceFinanceISBN:9780134897264Author:KEOWN, Arthur J., Martin, John D., PETTY, J. WilliamPublisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...FinanceISBN:9781337395250Author:Eugene F. Brigham, Joel F. HoustonPublisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...FinanceISBN:9780077861759Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan ProfessorPublisher:McGraw-Hill Education
Essentials Of Investments
Finance
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:9780134897264
Author:KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...
Finance
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...
Finance
ISBN:9780077861759
Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:McGraw-Hill Education