Overview: These problems are meant to encourage deeper thinking on the material presented in the...
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Accounting
Overview: These problems are meant to encourage deeper thinking on the material presented in the textbook. You are to answer ALL questions presented in the problem using the knowledge you have gained throughout the textbook. However, do not simply repeat what is in the book. Use that information and interpret it the best you can to apply it to the situation.
Requirements: Review the information and questions below. Provide a detailed 4-5 sentence explanation on how you would solve the problem or issue, based not only on the readings in the chapter, but your own personal experience and/or any additional outside research you perform. If quoting a source directly, make sure to cite that source, but do not rely solely on quoted materials.
Issue: Ken, a salaried employee, was terminated from his company in April of this year. Business had been slow since the beginning of the year, and each of the operating plants had laid off workers. Kens dismissal was processed through the Human Resources Department, but the information was not relayed to the corporate payroll office. As had been the policy, checks for workers at remote sites were mailed to the employees. The mailing of Kens checks continued for the next four weekly paydays. It wasnt until the monthly payroll reports were sent to Kens supervisor that the error was detected. Ken refused to return the four extra checks.
Questions to be Answered:
1) What actions should the company take, if any, against Ken?
2) What actions should the company take internally to ensure a situation like this does not happen again?
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