Cardinal Paz Corp. carries an account in its general ledger called I.docx

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Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2012 Sharapova Company common stock, $104 par, 208 shares $41,400 April 1 U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each 111,000 July 1 McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032 59,184 Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method. (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Interest Receivable ???? Debt Investment ?? Interest Revenue 8,754 The fair values of the investments on December 31, 2012, were: Sharapova Company common stock $35,770 U.S. government bonds 146,970 McGrath Company bonds 68,160 What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Fair Value Adjustment ???? Unrealized holding gain or loss- Equity ???? .

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Interest Revenue 8,754
The fair values of the investments on December 31, 2012, were:
Sharapova Company common stock
$35,770
U.S. government bonds
146,970
McGrath Company bonds
68,160
What entry or entries, if any, would you recommend be made?
(Round answers to 0 decimal places, e.g. $2,500. Credit account
titles are automatically indented when amount is entered. Do
not indent manually.)
Fair Value Adjustment ????
Unrealized holding gain or loss- Equity
????

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On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 14,000 additional shares of common stock for $15 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 Declareda cash dividend on outstanding shares of 51.10 per share to stockholders of record on December 31. (a) Your answer is incorrect. Prepere the entries, if any, on each of the three dividend dates. (Credit account litles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "Wo Entry" for the account titles and enter O for the amounts. List all debic entries before credit entries. Record journal entries in the order presented in the problem.).

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The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold 6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 , No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Postentries in the order of joumal entries presented in the previous part.) Preferred Stock Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary stock Total Stockholders' Equity.

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CASE 6B – CHESTER & WAYNE Chester & Wayne is a regional food distribution company. Mr. Chester, CEO, has asked your assistance in preparing cash-flow information for the last three months of this year. Selected accounts from an interim balance sheet dated September 30, have the following balances: Cash $142,100 Accounts payable $354,155 Marketable securities 200,000 Other payables 53,200 Accounts receivable $1,012,500 Inventories 150,388 Mr. Wayne, CFO, provides you with the following information based on experience and management policy. All sales are credit sales and are billed the last day of the month of sale. Customers paying within 10 days of the billing date may take a 2 percent cash discount. Forty percent of the sales is paid within the discount period in the month following billing. An additional 25 percent pays in the same month but does not receive the cash discount. Thirty percent is collected in the second month after billing; the remainder is uncollectible. Additional cash of $24,000 is expected in October from renting unused warehouse space. Sixty percent of all purchases, selling and administrative expenses, and advertising expenses is paid in the month incurred. The remainder is paid in the following month. Ending inventory is set at 25 percent of the next month's budgeted cost of goods sold. The company's gross profit averages 30 percent of sales for the month. Selling and administrative expenses follow the formula of 5 percent of the current month's sales plus $75,000, which includes depreciation of $5,000. Advertising expenses are budgeted at 3 percent of sales. Actual and budgeted sales information is as follows: Actual: Budgeted: August $750,000 October $826,800 September 787,500 November 868,200 December 911,600 January 930,000 The company will acquire equipment costing $250,000 cash in November. Dividends of $45,000 will be paid in December. The company would like to maintain a minimum cash balance at the end of each month of $120,000. Any excess amounts go first to repayment of short-term borrowings and then to investment in marketable securities. When cash is needed to reach the minimum balance, the company policy is to sell marketable securities before borrowing. The company will acquire equipment costing $250,000 cash in November. Dividends of $45,000 will be paid in December. The company would like to maintain a minimum cash balance at the end of each month of $120,000. Any excess amounts go first to repayment of short-term borrowings and then to investment in marketable securities. When cash is needed to reach the minimum balance, the company policy is to sell marketable securities before borrowing. Questions (use of spreadsheet software is recommended): 1. Prepare a cash budget for each month of the fourth quarter and for the quarter in total. Prepare supporting schedules as needed. (Round all budge.

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"CASE 9 Bulimia Nervosa Table 9-1 Dx Checklist Bulimia Nervosa 1. Repeated binge-eating episodes. 2. Repeated performance of ill-advised compensatory behaviors (e.g., forced vomiting) to prevent weight gain. 3. Symptoms take place at least weekly for a period of 3 months. 4. Inappropriate influence of weight and shape on appraisal of oneself. (Based on APA, 2013.) Rita was a 26-year-old manager of a local Italian restaurant and lived in the same city as her parents. Her childhood was not a happy one. Her parents divorced when she was about 5 years of age. She and her three older brothers remained with their mother, who often seemed overwhelmed with her situation and unable to run the household effectively. Rita would often refer to her childhood as utterly chaotic, as if no one were in charge. Within a 12-month period, 1 percent to 1.5 percent of individuals will meet the diagnostic criteria for bulimia nervosa; at least 90 percent of cases occur in females (APA, 2013). She nevertheless muddled through. When her brothers were finally all off to college or beyond, Rita entered high school, and the household seemed more manageable. Ultimately, she developed a close relationship with her mother, indeed too close, Rita suspected. Her mother seemed like her closest friend, at times the entire focus of her social life. They were both women alone, so to speak, and relied heavily on one another for comfort and support, preventing Rita from developing serious friendships. The two often went shopping together. Rita would give her mother an update on the most recent fashion trends, and her mother would talk to Rita about “how important it is to look good and be put together in this day and age.” Rita didn’t mind the advice, but sometimes she did wonder if her mother kept saying that as a way of telling her that she didn’t think she looked good. Rita later attended a local public college, majoring in business. However, she quit after 3 years to take a job at the restaurant. She had begun working in the restaurant part-time while a sophomore and after 2 years was offered the position of daytime manager. It was a well-paying job, and since her interest was business anyway, Rita figured it made sense to seize an attractive business opportunity. Her mother was not very supportive of her decision to leave college, but Rita reassured her that she intended to go back and finish up after she had worked for a while and saved some money. Just before leaving college, Rita began a serious relationship with a man whom she met at school. Their interest in each other grew, and they eventually got engaged. Everything seemed to be going well when out of the blue, her fiancé’s mental state began to deteriorate. Ultimately he manifested a pattern of schizophrenia and had to be hospitalized. As his impairment extended from days to months and then to more than a year, Rita finally had to end the engagement; she had to pick up the pieces and go on without him. She felt .

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Case 9: Bulimia Nervosa in Gorenstein and Comer (2014) Rita was a 26-year-old manager of a local Italian restaurant and lived in the same city as her parents. Her childhood was not a happy one. Her parents divorced when she was about 5 years of age. She and her three older brothers remained with their mother, who often seemed overwhelmed with her situation and unable to run the household effectively. Rita would often refer to her childhood as utterly chaotic, as if no one were in charge. Within a 12-month period, 1 percent to 1.5 percent of individuals will meet the diagnostic criteria for bulimia nervosa; at least 90 percent of cases occur in females (APA, 2013). She nevertheless muddled through. When her brothers were finally all off to college or beyond, Rita entered high school, and the household seemed more manageable. Ultimately, she developed a close relationship with her mother, indeed too close, Rita suspected. Her mother seemed like her closest friend, at times the entire focus of her social life. They were both women alone, so to speak, and relied heavily on one another for comfort and support, preventing Rita from developing serious friendships. The two often went shopping together. Rita would give her mother an update on the most recent fashion trends, and her mother would talk to Rita about “how important it is to look good and be put together in this day and age.” Rita didn’t mind the advice, but sometimes she did wonder if her mother kept saying that as a way of telling her that she didn’t think she looked good. Rita later attended a local public college, majoring in business. However, she quit after 3 years to take a job at the restaurant. She had begun working in the restaurant part-time while a sophomore and after 2 years was offered the position of daytime manager. It was a well-paying job, and since her interest was business anyway, Rita figured it made sense to seize an attractive business opportunity. Her mother was not very supportive of her decision to leave college, but Rita reassured her that she intended to go back and finish up after she had worked for a while and saved some money. Just before leaving college, Rita began a serious relationship with a man whom she met at school. Their interest in each other grew, and they eventually got engaged. Everything seemed to be going well when out of the blue, her fiancé’s mental state began to deteriorate. Ultimately he manifested a pattern of schizophrenia and had to be hospitalized. As his impairment extended from days to months and then to more than a year, Rita finally had to end the engagement; she had to pick up the pieces and go on without him. She felt as if he had died. A period of psychotherapy helped ease her grief and her adjustment following this tragedy, and eventually she was able to move on with her life and to resume dating again. However, serious relationships eluded her. Rita knew that she was a moody person—she judged people harshly and displayed irrita.

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Case 4 The McDonald’s China Food Supplier Scandal1. What we.docx

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Case 3 Neesha Wilson Phoenix Rising Risks, Protective Factors, and Psychological Well-Being Neesha Wilson, a 10-year-old African American girl, was referred for assessment to the school psychologist as a result of a child study team meeting held at the school in May. Presenting problems included poor school progress and escalating behavioral concerns. It was the school’s impression that Neesha might qualify for special education assistance as a child with an emotional disorder. Currently, Neesha has an older brother, Tyrone, who is attending an alternate school program for children and youth with severe emotional disturbance. Developmental History/Family Background The school social worker completed Neesha’s initial work-up just prior to the end of the academic term; intake information is summarized as follows: Neesha lives with her 15-year-old brother, Tyrone, and her mother in a two-bedroom apartment. The social worker described the apartment as tiny but very well kept. Neesha has her own bedroom, and Tyrone sleeps on the couch, which folds out into a bed. The social worker noted that it was difficult to book an appointment with Mrs. Wilson, who was reportedly working two jobs: cleaning offices and working as a hairstylist. Mrs. Wilson graduated from hairstylist classes last year. Although her career as a hairstylist has a lot of potential, she is only beginning to develop clientele. She also works part time cleaning offices. Despite the lack of financial resources, the children were clean, well dressed, and did not miss any meals. The children were on the free-lunch program at the schools. According to Mrs. Wilson, Neesha’s early history was unremarkable and motor and language milestones developed on schedule. An immediate concern of the social worker’s centered on who cared for the children when their mother, Tanya, had to work evenings cleaning offices. Tanya stated that it was not a problem for her because she would either send the children to her sister’s apartment a few blocks away, or have a cousin who lived in the building check in on the kids. Also, Tyrone was 15, so he was capable of watching his sister, although she preferred to have an adult nearby, given Tyrone’s behavior problems. Neesha’s mother described her as an easy baby and said that she never really had any problems with her. She added that it was Tyrone who was giving her all the problems, not Neesha. The family had struggled since her husband, Walt, left the family about 3 years ago, when Neesha was in Grade 1. In the past two years, Walt has had virtually no contact with the children. He moved in with his girlfriend and their one-year-old baby and recently moved to another state. Neesha was very upset with the marriage breakdown and misses her father very much. Neesha visited with her dad and his new family, initially, but was very disappointed that the visits were neither consistent nor more frequent. Neesha did not like Walt’s girlfriend and felt that her father wa.

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Case 48: Sun Microsystems Done by: Nour Abdulaziz Maryam Barifah Shrouq Al-Jaadi Balqees Mekhalfi Yara El-Feki Introduction •In 2009, Oracle was planning to acquire Sun Microsystems. •This acquisition would allow Oracle; •to further diversify their brand, customers and acquire various new platforms that would be added to their portfolio such as MySQL, Solaris and Java. •Oracle originally placed an offer of $9.50 per share price which is considerably higher than Sun Microsystem’s price that is $6.69. •This will cut the production costs and make the company more efficient throughout all the value chain. •Oracle aimed to capitalize on Sun Microsystem’s decline by getting particular assets or the whole company at the deflated price. Is Sun Microsystems a good strategic fit for Oracle? Should Oracle acquire Sun Microsystems? - as it will allow them to achieve their vision of becoming the Apple of the software industry. - it will allow the company to deliver high-quality customer products by combining both hardware and software components, hence reducing the consumer setup process. Continue It will provide Oracle with the needed expansion. -This acquisition fits Oracle’s overall strategy which is to improve through acquiring and effectively integrating other companies Worth of Sun Microsystems and Valuation Approaches To know how much Sun Microsystems worth, we must find the Stand Alone Value of the company. The Stand Alone value represents the present value of Sun Microsystem individually before factoring the synergy that would be created when Oracle acquires Sun. Another method is the value of Sun Microsystem with synergies, which after being acquired by Oracle, must be found. This is done to see whether or not the acquisition was a proper strategic decision or not Another method of valuing the Sun Microsystem is through the comparative company analysis (CCA). That is done through the thorough assessment of rival and peer businesses of similar size and industry. Finally, the acquisition price, which is the price that is paid to the target when it is first acquired, is also used as a separate method of valuation. The value of the acquisition price ranges between the values of the stand-alone and the synergies. USING THE DCF To be able to find the values of both, the Stand Alone and the synergies, we have decided the best way to do so is by calculating the discounted cash flow (DCF) by using the multiples and the perpetuity growth methods and finding the average of both. DCF Using Multiples MethodDCF Using Perpetuity Growth MethodIt does not consider long-term growth rate or the economics of business.This method seems inaccurate as the company assumes a certain growth rate will remains the same 2014 onwards (forever) which is unrealistic.It is considered a challenging method to use as it is very difficult to identify truly comparable companies. USING THE WACC The weig.

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CASE 42 Myasthenia Gravis The immune response turns against the host. The specific adaptive immune response can, in rare instances, be mounted against self antigens and cause autoimmune disease. Injury to body tissues can result from antibodies directed against cell-surface or extracellular-matrix molecules, from antibodies bound to circulating molecules that deposit as immune complexes, or from clones of T cells that react with self antigens. A special class of autoimmune disease is caused by autoantibodies against cell surface receptors (Fig. 42.1). Graves' disease and myasthenia gravis are two well-studied examples . Graves' disease is caused by autoantibodies against the receptor on thyroid cells for thyroid-stimulating hormone (TSH), secreted by the pituitary gland. In this disease, autoantibody binds to the TSH recep tor; like TSH, it stimulates the thyroid gland to produce thyroid hormones. In myasthenia gravis, the opposite effect is observed: antibodies against the acetylcholine receptor at the neuromuscular junction impede the binding of acetylcholine and stimulate internalization of the receptor, thereby block ing the t ransmission of nerve impulses by acetylcholine (Fig. 42.2). In addi tion, the presence of autoantibodies at the neuromuscular junction initiates complement-mediated lysis ofthe muscle endplate and damages the muscle membrane. Myasthenia gravis means severe (gravis) muscle (my) weakness (asthenia). This disease was first identified as an autoimmune disease when an immun ologist immunized rabbits with purified acetylcholine receptors to obtain antibodies against this receptor. He noticed that the rabbits developed floppy ears, like the droopy eyelids (ptosis) that are the most characteristic symptom of myasthenia gravis in humans. Subsequently, patients with this disease were found to have antibodies against the acetycholine receptor. In addition, pregnant women with myasthenia gravis transfer the disease to their newborn infants. As IgG is the only maternal serum protein that crosses the placenta fro m mother to fetus, neonatal myasthenia gravis is clear evidence that myasthenia gravis is caused by an anti-IgG antibody. More recently, patients with myasthenia gravis have been identified who have autoantibodies against muscle-specific kinase (MUSK) rather than the acetylcholine receptor. MUSK is a tyrosine kinase receptor involved in clustering acetylcholine receptors; therefore, these autoantibodies also inhibit signaling through the neuromuscular junction. Topics bearing on this case: Humoral autoimmunity Transfer of maternal antibodies Mechanisms for breaking tolerance This case was prepared by RaifGeha , MD, in collaboration with Janet Chou, MD. ~ Case 42: Myasthenia Gravis Fig. 42.1 Autoimmune diseases caused by antibody against surface or matrix antigens. These are known as type II autoimmune diseases. Damage by IgE-mediated responses (type I) does no.

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Case 4 JetBlue: Delighting Customers Through Happy Jetting In the early years, JetBlue was a thriving young airline with a strong reputation for outstanding service. In fact, the low-fare airline referred to itself as a customer service company that just happened to fly planes. But on a Valentine’s Day, JetBlue was hit by the perfect storm, literally, of events that led to an operational meltdown. One of the most severe storms of the decade covered JetBlue’s main hub at New York’s John F. Kennedy International Airport with a thick layer of snow and ice. JetBlue did not have the infrastructure to deal with such a crisis. The severity of the storm, coupled with a series of poor management decisions, left JetBlue passengers stranded in planes on the runway for up to 11 hours. Worse still, the ripple effect of the storm created major JetBlue flight disruptions for six more days. Understandably, customers were livid. JetBlue’s efforts to clean up the mess following the six-day Valentine’s Day nightmare cost over $30 million in overtime, flight refunds, vouchers for future travel, and other expenses. But the blow to the company’s previously stellar customer-service reputation stung far more than the financial fallout. JetBlue became the butt of jokes by late night talk show hosts. Some industry observers even predicted that this would be the end of JetBlue. But just three years later, the company is not only still flying, it is growing, profitable, and hotter than ever. During a serious economic downturn competing airlines were cut routes, retiring aircraft, laying off employees, and lost money. JetBlue added planes, expanded into new cities, hired thousands of new employees, and turning profits. Truly Customer Focused What’s the secret to JetBlue’s success? Quite simply, it’s an obsession with making sure that every customer experience lives up to the company slogan, “Happy Jetting.” Lots of companies say they focus on customers. But at JetBlue, customer well-being is ingrained in the culture. From the beginning, JetBlue set out to provide features that would delight customers. For example, most air travelers expect to be squashed when flying coach. But JetBlue has configured its seats with three more inches of legroom than the average airline seat. That may not sound like much. But those three inches allow six-foot three-inch Arianne Cohen, author of The Tall Book: A Celebration of Life from on High, to stretch out and even cross her legs. If that’s not enough, for as little as $10 per flight, travelers can reserve one of JetBlue’s “Even More Legroom” seats, which offer even more space and a flatter recline position. Add the fact that every JetBlue seat is well padded and covered in leather, and you already have an air travel experience that rivals first-class accommodations (something JetBlue doesn’t offer). Food and beverage is another perk that JetBlue customers enjoy. The airline doesn’t serve meals, but it offers the best selection of free.

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Case 4-2 Hardee Transportation The Assignment: Answer the four (4) questions at the end of Case 4-2 Resources: Course Textbook, Appendix 4B, Table 4B-1, Attached worksheet (Word or Excel format) Acceptable Length: Show your work for solution to questions 1 and 2 . Well-written responses to question 3 and 4. Formatting Requirements: Enter your name and date Provide well-structured solutions/answers- incomplete answers will receive partial credit Show your work 2. Answer case questions, using the attached word template or excel document . Complete assignment and submit as an attachment using the assignment link when finished. .

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Case 3-8 Accountant takes on Halliburton and Wins! 1. Describe the inadequacies in the corporate governance system at Halliburton. 2. Consider the role of KPMG in the case with respect to the accounting and auditing issues. How did the firms’ actions relate to the ethical and professional expectations for CPAs by the accounting profession? 3. The Halliburton case took place before the Dodd-Frank Financial Reform Act was adopted by Congress. Assume Dodd-Frank had been in effect and Menendez decided to inform the SEC under Dodd-Frank rather than SOX because it had been more than 180 days since the accounting violation had occurred. Given the facts of the case would Menendez have qualified for whistleblower protection? Explain. 4. Some critics claim that while Menendez’s actions may have been courageous, he harmed others along the way. His family was in limbo for many years and had to deal with the agony of being labeled a whistleblower and disloyal to Halliburton. The company’s overall revenue did not change; a small amount was merely shifted to an earlier period. Halliburton didn't steal any money, they didn't cheat the IRS, they didn't cheat their customers or their employees. In fact, they lessened their cash flows by paying out taxes earlier than they should have under the rules. How do you respond to these criticisms? .

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CASE 3.2 A Shift for Lieutenant Colonel AdamsEAM 751 Chapter.docx

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Case 3 Ford’s Pinto Fires: The Retrospective View of Ford’s Field Recall Coordinator Brief Overview of the Ford Pinto Fires Determined to compete with fuel- efficient Volkswagen and Japanese imports, the Ford Motor Company introduced the subcompact Pinto in the 1971 model year. Lee Iacocca, Ford’s president at the time, insisted that the Pinto weigh no more than 2,000 pounds and cost no more than $2,000. Even with these restrictions, the Pinto met federal safety standards, although some people have argued that strict adherence to the restrictions led Ford engineers to compromise safety. Some 2 million units were sold during the 10- year life of the Pinto. The Pinto’s major design flaw— a fuel tank prone to rupturing with moderate speed rear- end collisions— surfaced not too long after the Pinto’s entrance to the market. In April 1974, the Center for Auto Safety petitioned the National Highway Traffic Safety Administration (NHTSA) to recall Ford Pintos due to the fuel tank design defect. The Center for Auto Safety’s petition was based on reports from attorneys of three deaths and four serious injuries in moderate- speed rear- end collisions involving Pintos. The NHTSA did not act on this petition until 1977. As a result of tests performed for the NHTSA, as well as the extraordinary amount of publicity generated by the problem, Ford agreed, on June 9, 1978, to recall 1.5 million 1971– 1976 Ford Pintos and 30,000 1975– 1976 Mercury Bobcat sedan and hatchback models for modifications to the fuel tank. Recall notices were mailed to the affected Pinto and Bobcat owners in September 1978. Repair parts were to be delivered to all dealers by September 15, 1978. Unfortunately, the recall was initiated too late for six people. Between June 9 and September 15, 1978, six people died in Pinto fires after a rear impact. Three of these people were teenage girls killed in Indiana in August 1978 when their 1973 Pinto burst into flames after being rear- ended by a van. The fiery deaths of the Indiana teenagers led to criminal prosecution of the Ford Motor Company on charges of reckless homicide, marking the first time that an American corporation was prosecuted on criminal charges. In the trial, which commenced on January 15, 1980, “Indiana state prosecutors alleged that Ford knew Pinto gasoline tanks were prone to catch fire during rear- end collisions but failed to warn the public or fix the problem out of concern for profits.” On March 13, 1980, a jury found Ford innocent of the charges. Production of the Pinto was discontinued in the fall of 1980. Enter Ford’s Field Recall Coordinator Dennis A. Gioia, currently a professor in the Department of Management and Organization at Pennsylvania State University, was the field recall coordinator at Ford Motor Company as the Pinto fuel tank defect began unfolding. Gioia’s responsibilities included the operational coordination of all the current recall 92 Business Ethics campaigns, tracking incoming information.

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Case 3Competition in the Craft Brewing Industry in 2017 John D. Varlaro Johnson & Wales University John E. Gamble Texas A&M University–Corpus Christi Locally produced or regional craft beers caused a seismic shift in the U.S. beer industry during the early 2010s with the gains of the small, regional newcomers coming at the expense of such well-known brands as Budweiser, Miller, Coors, and Bud Light. Craft breweries, which by definition sold fewer than 6 million barrels (bbls) per year, expanded rapidly with the deregulation of intrastate alcohol distribution and retail laws and a change in consumer preferences toward unique and high-quality beers. The growing popularity of craft beers allowed the total beer industry in the United States to increase by 6.7 percent annually between 2011 and 2016 to reach $39.5 billion. The production of U.S. craft breweries more than doubled from 11.5 million bbls per year to about 24.6 million bbls per year during that time. In addition, production by microbreweries and brewpubs accounted for 90 percent of craft brewer growth in 2016.1 The industry had begun to show signs of a slowdown going into 2017, with Boston Beer Company, the second largest craft brewery in the United States and known for its Samuel Adams brand, experiencing a 4 percent sales decline in 2016 that erased two years of of growth. The annual revenues of Anheuser-Busch InBev SA, whose portfolio included global brands Budweiser, Corona, and Stella Artois and numerous international and local brands, remained relatively consistent from 2014 to 2016. However, the sales volume of Anheuser-Busch’s flagship brands and its newly acquired and international brands such as Corona, Goose Island, Shock Top, Beck’s, and St. Pauli Girl allowed it to control 45.8 percent of the U.S. market for beer in 2016.2 Industry competition was increasing as grain price fluctuations affected cost structures and growing consolidation within the beer industry—led most notably by AB InBev’s acquisition of several craft breweries, Grupo Modelo, and its pending $104 billion acquisition of SABMiller—created a battle for market share. While the market for specialty beer was expected to gradually plateau by 2020, it appeared that the slowing growth had arrived by 2017. Nevertheless, craft breweries and microbreweries were expected to expand in number and in terms of market share as consumers sought out new pale ales, stouts, wheat beers, pilsners, and lagers with regional or local flairs.The Beer Market The total economic impact of the beer market was estimated to be 2.0 percent of the total U.S. GDP in 2016 when variables such as jobs within beer production, sales, and distribution were included.3Exhibit 1 presents annual beer production statistics for the United States between 2006 and 2016. Year Barrels Produced (in millions)* 2006 198 2007 200 2008 200 2009 197 2010 195 2011 193 2012 196 2013 192 2014 193 2015 191 2016 189 *Rounded to the nearest million. .

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CASE 3.2 "Ethics, Schmethics"-Enron's Code of Ethics In July 2000, Enron Corporation published an internal code of ethics document that ran 64 pages in length (see the Appendix 1).Page 12 of the document proudly announced the company's position on business ethics: Employees of Enron Corp., its subsidiaries, and its affiliated companies (collectively the "Company") are charged with conducting their business affairs in accordance with the highest ethical standards. An employee shall not conduct himself or herself in a manner which directly or indi- rectly would be detrimental to the best interests of the Company or in a manner which would bring to the employee financial gain separately derived as a direct consequence of his or her employment with the Com- pany. Moral as well as legal obligations will be fulfilled openly, promptly, and in a manner which will reflect pride on the Company's name. Products and services of the Company will be of the highest quality and as represented. Advertising and promotion will be truthful, not exagger- ated or misleading. Agreements, whether contractual or verbal, will be honored. No bribes, bonuses, kickbacks, lavish entertainment, or gifts will be given or received . in exchange for special position, price or privilege . . . Relations with the Company's many publics-customers, stockholders, governments, employees, suppliers, press, and bankers-will be conducted in honesty, candor, and fairness." .- ~ ~ ~ - Subsequent investigations into the inner workings of Enron Corp. revealed that the only time this code of ethics received formal attention (other than, presum- ably,when it was created and formally accepted) was when the board of directors voted to waive key provisions of the code in order to allow the off-balance-sheet partnerships that Chief Financial Officer Andy Fastow ultimately used to hide over half a billion dollars of debt from analysts and investors. A more realistic picture of the apparent flexibility of Enron's ethical culture can be found in the extreme conflict of interest represented in its relationship with Arthur Andersen. Andersen provided both consulting and auditing services for fees running into millions of dollars-money that became so critical to Andersen's continued growth that its employees were encouraged to sign off on off-balance-sheet transactions-transactions that were not shown on Enron's publicly-reported balance sheet-that stretched the limits of generally accepted accounting principles (GAAP) to their furthest edges. In addition, Enron hired former Andersen employees to manage the affairs of their former colleagues, which further strengthened the conflict of interest in a relationship that was supposed, at the very least, to be at arm's length, and, at best, above reproach. 1. What is the purpose of a code of ethics? 2. Do you think the employees of Enron Corp. were told about the vote to put aside key elements of the code of ethics? If not, why not? If they had .

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