On February 24, 2008, Lawn Ranger Company, a garden retailer, purchased $40,000 of corn seed, terms 2/10, n/30, from Nebraska Farm Co. Even though the discount period had expired, Corey Gilbert, the accountant for Lawn Ranger, subtracted the discount of $800 when he processed the documents for payment on March 25, 2008.

Did Corey Gilbert behave in an ethical manner when he remitted the payment? If you were Corey Gilbert, how would you have handled the situation? If you were the accountant for Nebraska Farm, how could you prevent this from happening in the future? Do you believe this is a common practice among companies?

Answer rating: 100% (QA)

No Corey Gilbert didnt behave in ethical manner when he remitted the payment to Nebraska Farm C... View the full answer