Problem on the car dealership


Response to the following problem:

Mary Gonzales is the controller at Automax, a car dealership. Cory Loftus has recently been hired as bookkeeper. Cory wanted to attend a class on Excel spreadsheets, so Mary temporarily took over Cory's duties, including overseeing a fund for topping up a car's gas before a test drive. Mary found a shortage in this fund and confronted Cory when he returned to work. Cory admitted that he occasionally uses this fund to pay for his own gas. Mary estimated that the amount involved is close to $300.

Required:

1. What should Mary Gonzales do?

2. Would you change your answer to the previous question if Mary Gonzales was the one recently hired as controller and Cory Loftus was a well-liked longtime employee who indicated that he always eventually repaid the fund?

 

Solution Preview :

Prepared by a verified Expert
Financial Accounting: Problem on the car dealership
Reference No:- TGS02112907

Now Priced at $20 (50% Discount)

Recommended (95%)

Rated (4.7/5)