You are the CEO of a multi-billion dollar company. Your company employs over 75,000 people. The company is being sued for $100 million dollars as the result of racial discrimination against your customers. Your investigation reveals that some of your
managers are actively violating the law. Discuss the steps you would take to ensure your company's compliance with ethical norms and legal requirements.
Students should discuss the need for an ethical code of conduct and the need to take immediate action to end the discrimination, including discharge of those responsible if needed.
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On April 1, 2018, GMR Company purchased 30% of the outstanding voting stock of the Victory Corporation for $960,000. Victory's net assets on April 1, 2018 totaled $2,500,000. Victory's equipment was undervalued by $500,000 and its inventory was undervalued by $200,000 as of the date of purchase. The equipment has a ten-year remaining life as of April 1, 2018; the inventory was sold during 2018. Victory reported $450,000 of net income during 2018 and paid dividends of $75,000. Assume that net income was recognized evenly during 2018 and dividends were declared and paid evenly during 2018. Required:
Prepare a schedule to determine the amount of investment income to be reported by GMR during 2018 assuming that the equity method of accounting is applicable. Prepare a schedule to determine the balance in the investment account as of December 31, 2018 assuming that the equity method is applicable. Describe how the financial accounting and reporting would have differed if the equity method was not applicable. Describe how equity method investments are accounted for if GMR uses the fair value option of accounting for its investment. What will be an ideal response?
The thorough and extensive check for consistency and treatment of missing responses is called ________
A) validating B) transcribing C) data cleaning D) key punching E) editing
A form of organization characterized by lateral decision processes, horizontal networks, and a strong corporatewide business philosophy is a ______________ corporation.
Fill in the blank(s) with the appropriate word(s).
Discretionary income is the amount left after paying taxes.
Answer the following statement true (T) or false (F)