whose responsibility is it to initiate the payment of this debt?
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Ben London owns and operates Fantastic Footage, a film-editing company in Los Angeles that does contract work mostly for production companies in Hollywood. Not long ago, a local landscaping business completed nearly $8,500 worth of work around London's offices. While the initial bid seemed a little high for the amount of work that was actually done, there is no question that the work completed was of high quality, and London finally feels comfortable inviting potential clients to meet him at his office to discuss possible deals. However, because of an apparent oversight, the landscaping contractor never submitted a bill. It's been more than 15 months since the completion of the project, and London has come to conclude that the contractor somehow lost track of the project. He is thinking about calling the company to ask for a final invoice so that he can settle up, but business has been really slow over the last year or so, and it hasn't been easy to pay all of the bills as it is. Forking over $8,500 for the landscaping would not be impossible, but it would be pretty challenging to scrape up that kind of money right now. So, London is trying to decide what he should do.
In your opinion, whose responsibility is it to initiate the payment of this debt?
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- Susan Whitehead serves on the city planning commission. The city is planning to build a new subway system, and Susan's brother-in-law, Jerry, who owns the Custom Transportation Co., has submitted the lowest bid for the system. Susan knows that Jerry could complete the job for the estimated amount, but she also knows that once Jerry completes this job, he will probably sell his company and quit working. Susan is concerned that Custom subsequent management might not be as easy to work with if revisions need to be made on the subway system after its completion. She is torn as to whether she should tell the city about the potential changes in Custom Transportation's management. If the city knew about the instability of Custom, it might prefer to give the contract to one of Jerry's competitors, whose bid was only slightly higher than Jerry's. Does Susan have an ethical obligation to disclose the information about Jerry to the city planning commission? Discuss fully.John Patrick has recently been hired as controller of Valdosta Vinyl Company (VVC), a manufacturer of vinyl siding used in residential construction. VVC has been in the vinyl siding business form any year sand is currently investigating ways to modernize its manufacturing process. At the first staff meeting Patrick attended, Jack Kielshesky , chief engineer, presented a proposal for automating the Molding Department. Kielshesky recommended that the company purchase two robots that would have the capability of replacing the eight direct-labor employees in the department. The cost savings outlined in the proposal include the elimination of direct-labor cost in the Molding Department plus a reduction of manufacturing overhead cost in the department to zero, because VVC charges manufacturing overhead on the basis of direct-labor dollars using a plant wide rate. The president of VVC was puzzled by Kielshesky's explanation: “This just doesn't make any sense. How can a department’s overhead…Mary Martell is a finance intern at a big corporation that was given the task to evaluate the profitability of a new, state of the art production line. She found that the project has a negative NPV. This is bad news for Sarah Pearl, who is the head of the manufacturing department and the proponent of the project. Mary delivered the news to her boss, Winston Rodriguez, who called Sarah and gave her the news: “Hello Sarah this is Winston from the finance department. The new inter confirmed what we all knew in the department: the net present value of your proposal is negative and therefore we need to reject the project. To be honest, we already had reached that conclusion but we wanted an outside opinion and gave Mary the task of evaluating the project. Sorry, but the project is a no.” Sarah later sent an email to Winston: “Winston, please, don’t kill my project.” She then asked the following questions: 1.“Why is the NPV so important? 2.Why don’t we use the average accounting rate of…
- Mary Martell is a finance intern at a big corporation that was given the task to evaluate the profitability of a new, state of the art production line. She found that the project has a negative NPV. This is bad news for Sarah Pearl, who is the head of the manufacturing department and the proponent of the project. Mary delivered the news to her boss, Winston Rodriguez, who called Sarah and gave her the news: “Hello Sarah this is Winston from the finance department. The new inter confirmed what we all knew in the department: the net present value of your proposal is negative and therefore we need to reject the project. To be honest, we already had reached that conclusion but we wanted an outside opinion and gave Mary the task of evaluating the project. Sorry, but the project is a no.”Sarah later sent an email to Winston: “Winston, please, don’t kill my project.” She then asked the following questions: “Why is the NPV so important? Why don’t we use the average accounting rate of return…Suppose that you have been given a summer job as an intern at Issac Aircams, a company that man- ufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help it finance its growth. The bank requires financial statements before approving such a loan. You have been asked to help prepare the financial statements and were given the following list of costs: Depreciation on salespersons’ cars. Rent on equipment used in the factory. Lubricants used for machine maintenance. Salaries of personnel who work in the finished goods warehouse. Soap and paper towels used by factory workers at the end of a shift. Factory supervisors’ salaries. Heat, water, and power consumed in the factory. Materials used for boxing products for shipment overseas. (Units are not normally boxed.) Advertising costs. Workers’ compensation insurance for factory employees. Depreciation on…GreenGrow Limited is a local landscaping company that does household and commercial landscaping. Primarily, they help business select plants and manage the plants. They also have regular maintenance contracts such as watering, weeding, and mowing. In the winter, they have some contracts for managing the indoor plants of shopping malls, and do snow clearing to help boost that low income season. Joey, the majority shareholder of GreenGrow is ecstatic. He has managed to come in as the low bidder for a new type of contract. He bid on the construction of a track for the track and field area of a local college. A piece of land on the north end of the college is being cleared and GreenGrow will be leveling the land and placing a bed of crushed stone for the track. Joey has just the right person to be in charge. Jack has previous experience working as an assistant on a road crew and knows how to use the surveying equipment needed to keep the track level. This is a big contract, representing…
- John Milton and two of his colleagues are considering opening a law office in New York City that would make inexpensive legal services available to those who could not otherwise afford these services. The intent is to provide easy access for their clients by having the office open 360 days per year, 16 hours each day from 7:00 a.m. to 11:00 p.m. The office would be staffed by a lawyer, paralegal, legal secretary, and clerk-receptionist for each of the two 8-hour shifts. In order to determine the feasibility of the project, John hired a marketing consultant to assist with market projections. The results of this study show that if the firm spends $500,000 on advertising the first year, the number of new clients expected each day would have the following probability distribution: Number of New Clients per Day Probability 20 0.10 30 0.30 55 0.40 85 0.20 John and his associates believe these numbers are reasonable and are prepared to spend the $500,000 on advertising. Other pertinent…Hello, may you please help me with the following.. Mary Martell is a finance intern at a big corporation that was given the task to evaluate the profitability of a new, state of the art production line. She found that the project has a negative NPV. This is bad news for Sarah Pearl, who is the head of the manufacturing department and the proponent of the project. Mary delivered the news to her boss, Winston Rodriguez, who called Sarah and gave her the news: “Hello Sarah this is Winston from the finance department. The new inter confirmed what we all knew in the department: the net present value of your proposal is negative and therefore we need to reject the project. To be honest, we already had reached that conclusion but we wanted an outside opinion and gave Mary the task of evaluating the project. Sorry, but the project is a no.” Sarah later sent an email to Winston: “Winston, please, don’t kill my project.” She then asked the following questions: “Why is the NPV so important?…Sal Amato operates a residential landscaping business in an affluent suburb of St. Louis. In an effort to provide quality service, he has concentrated solely on the design and installation of upscale landscaping plans (e.g., trees, shrubs, fountains, and lighting). With his clients continually requesting additional services, Sal recently expanded into lawn maintenance, including fertilization. The following data relate to his first year's experience with 55 fertilization clients: Each client required six applications throughout the year and was billed $40 per application. Two applications involved Type 1 fertilizer, which contains a special ingredient for weed control. The remaining four applications involved Type 2 fertilizer. Sal purchased 5,000 pounds of Type 1 fertilizer at $0.53 per pound and 10,000 pounds of Type 2 fertilizer at $0.40 per pound. Actual usage amounted to 3,700 pounds of Type 1 and 7,800 pounds of Type 2. A new, part-time employee was hired to spread the…
- Sal Amato operates a residential landscaping business in an affluent suburb of St. Louis. In an effort to provide quality service, he has concentrated solely on the design and installation of upscale landscaping plans (e.g., trees, shrubs, fountains, and lighting). With his clients continually requesting additional services, Sal recently expanded into lawn maintenance, including fertilization. The following data relate to his first year's experience with 55 fertilization clients: Each client required six applications throughout the year and was billed $40 per application. Two applications involved Type 1 fertilizer, which contains a special ingredient for weed control. The remaining four applications involved Type 2 fertilizer. Sal purchased 5,000 pounds of Type 1 fertilizer at $0.53 per pound and 10,000 pounds of Type 2 fertilizer at $0.40 per pound. Actual usage amounted to 3,700 pounds of Type 1 and 7,800 pounds of Type 2. A new, part-time employee was hired to spread the…Sal Amato operates a residential landscaping business in an affluent suburb of St. Louis. In an effort to provide quality service, he has concentrated solely on the design and installation of upscale landscaping plans (e.g., trees, shrubs, fountains, and lighting). With his clients continually requesting additional services, Sal recently expanded into lawn maintenance, including fertilization. The following data relate to his first year’s experience with 55 fertilization clients: Each client required six applications throughout the year and was billed $40 per application. Two applications involved Type I fertilizer, which contains a special ingredient for weed control. The remaining four applications involved Type II fertilizer. Sal purchased 5,000 pounds of Type I fertilizer at $.53 per pound and 10,000 pounds of Type II fertilizer at $.40 per pound. Actual usage amounted to 3,700 pounds of Type I and 7,800 pounds of Type II. A new, part-time employee was hired to spread the…Sal Amato operates a residential landscaping business in an affluent suburb of St. Louis. In an effort to provide quality service, he has concentrated solely on the design and installation of upscale landscaping plans (e.g., trees, shrubs, fountains, and lighting). With his clients continually requesting additional services, Sal recently expanded into lawn maintenance, including fertilization. The following data relate to his first year’s experience with 55 fertilization clients: Each client required six applications throughout the year and was billed $40 per application. Two applications involved Type I fertilizer, which contains a special ingredient for weed control. The remaining four applications involved Type II fertilizer. Sal purchased 5,000 pounds of Type I fertilizer at $.53 per pound and 10,000 pounds of Type II fertilizer at $.40 per pound. Actual usage amounted to 3,700 pounds of Type I and 7,800 pounds of Type II. A new, part-time employee was hired to spread the…