Ivan Collins Was Appointed the Manager of Steelers Properties, a Recently

Essay

Ivan Collins was appointed the manager of Steelers Properties, a recently formed company that manages residential rental properties. Linda Cohen is the accountant. She prepared a chart of accounts based on an analysis of the expenditures of the company. One of the largest expense categories is Travel and Entertainment. Mr. Collins believes that it is important to maintain a presence in the social life of the city. In this, he sharply differs from his father, John Collins. The elder Mr. Collins has set up Steelers Properties in order to test his son's management skills before allowing him to manage the more lucrative commercial property business. John Collins provided the capital for Steelers, and maintains close contact with the company. He allowed his son, however, to hire his own employees.
Ivan has asked Ms. Cohen to change the name of the Travel and Entertainment account to Property Development. He hopes to deflect his father's attention away from the amount he has spent on travel and entertainment until he has proven that his methods work. When Ms. Cohen resisted, he reminded her that he, not his father, hired her. He also reminded her that she had been enthusiastic about his business plans when she was hired.
Required:
1. Who are the stakeholders in this situation?
2. Should Ms. Cohen agree to the change in the Travel and Entertainment account to Property Development? Explain.