You are the owner of a small retail food store and have several large companies with whom you do business. Many competitors in your industry are vying for your customers’ business. For each sale, you issue notes

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U.6. Notes Receivable

You are the owner of a small retail food store and have several large companies with whom you do business. Many competitors in your industry are vying for your customers’ business. For each sale, you issue notes receivable to the company, with an interest rate of 10% and a maturity date 12 months after the issue date. Each note has a minimum principal amount of $100,000.

For this discussion, let’s assume that one of these companies is unable to pay in the established timeframe and dishonors the note.  What would you do? How does this dishonored note affect your company both financially and nonfinancially? If your customer wanted to renegotiate the terms of the agreement, would you agree? If so, what would be the terms? 

You are not required to journal the transaction, simply provide your rationale in response to the questions.

Assignment 3: Internal Controls & Fraud

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Workplace fraud is typically detected by anonymous tips or sometimes by accident, so many organizations use the fraud triangle to help in the analysis of workplace fraud. 

For this assignment, I want you to write 3-5 pages. Begin by identifying an example of fraud. So, read the text and other literature in addition to your experience at your current or past workplace. You will need to describe and detail the fraud, the elements of the fraud triangle, and the failures of the internal control mechanism that led to the fraud.

There are too many examples of fraud [of this nature] that occur daily. In almost any city on almost any day, local newspapers report on employees stealing from an organization. You will, therefore, easily find an example of fraud to share. Remember to credit your sources and also include a work cited page. 

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