Crazy Eddie was an electronics retailer. By using unethical accounting standards, the company was brought up on fraud charges. Read more about the case using the following article by White Collar Fraud: “Crazy Eddie Fraud”. After you read the article, using knowledge of merchandising firms, in a 750 amount essay, answer the following bullet prompts.
- Analyze how Crazy Eddie’s fictitious purchase discounts affected the company’s profit on the income statement.
- make an example of the effect on the income statement.
- Examine how the premature recognition of sales affected the company’s profit on the income statement.
- Construct an example of how this might look.
- Describe how overstatement of inventory assets affected the balance sheet.
- Describe how this balance sheet would appear.
- When establishing a set of records for a merchandising company, describe what procedures would be implemented to ensure ethical decisions were made.
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