Purpose of Assignment

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business.

Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making, p. 36

Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

In June, the company issues no additional stock but paid dividends of $1,400. 

Prepare an income statement, retained earnings statement, and balance sheet using the provided Excel® template. 

• Briefly address whether the company’s first month of operations was a success.
• Discuss the company’s decision to distribute a dividend.

Use the Excel® spreadsheet to show your work, and include your responses to the above questions in parts (b) and (c) of the spreadsheet.

Business ethics courses taught in colleges and universities are sometimes thought to be primarily about making students more ethical. However, this is typically, not what business ethics regards as their primary task. Rather, business ethics faculty typically regard their job as one of helping students to understand the complex ethical issues managers must confront, best practices with respect to ethical management, and sound public policy regarding the relationship of business to society. You will discuss the legal and ethical issues surrounding the historic product liability case mentioned in most Business Ethics books as the Ford Pinto case.

You will need to research the company through the University. We also have additional sources created for our class. Please use this link: http://apus.libguides.com/BUSN623 ( select the tab for Business & Legal Issues created for this course)

Discuss how the philosophy of economist Milton Friedman may have influenced the employees, executives/managers of the company. Clearly identify the ethical dilemma faced by the Ford Executives. Identify two other ethical frameworks (ethical perspectives,  i.e. utilitarianism, deontology, virtue ethics or ethic of care) other than the Shareholder Theory or Free Market Ethics that applies to this situation and discuss how it may have influenced the executives of the company. 

Your essay should be 1500 –  words and in APA format.  Use at least seven credible sources for your essay, including at least two sources from the University library. Refer to the Writing Assignment Grading Criteria for assignment requirements in content, organization, writing style, grammar and APA 6.0 format. An abstract is not needed. Please name your assignment file as ‘lastnamefirstinitial-BUS623-6″.  Submit this essay as a Microsoft Word attachment in the Assignment section of the class no later than Sunday of week six.