e in her behavior. They confront her and Melinda denies that anything is different. She po
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partnership is thriving. The three partners get along well; they complement each other’s skill sets and enjoy each other’s company. One of the partners, Melinda, begins to behave differently. She begins coming to work late or not at all. On several occasions she is spotted leaving the hotel next door in the afternoon. The other partners are concerned about the change in her behavior. They confront her and Melinda denies that anything is different. She points out that her work is still getting done and that she wants a little more flexibility in her hours. The other partners are not convinced and decided to terminate the partnership agreement. Can the other partners break the agreement? What considerations must the partners take into account?
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- Alexandra and Kellie operate a beauty salon as partners who share profits and losses equally. The success of their business has exceeded their expectations; the salon is operating quite profitably. Kellie is anxious to maximize profits and schedules appointments from 8 a.m. to 6 p.m. daily, even sacrificing some lunch hours to accommodate regular customers. Alexandra schedules her appointments from 9 a.m. to 5 p.m. and takes long lunch hours. Alexandra regularly makes significantly larger withdrawals of cash than Kellie does, but, she says, “Kellie, you needn’t worry, I never make a withdrawal without you knowing about it, so it is properly recorded in my drawings account and charged against my capital at the end of the year.” Alexandra’s withdrawals to date are double Kellie’s. Who are the stakeholders in this situation? Identify the problems with Alexandra’s actions and discuss the ethical considerations involved. How might the partnership agreement be revised to accommodate the…Farah and David decide to form a sports memorabilia retail partnership. They have known each other since business graduate school and have always worked well together on various projects. The business is doing well but cash flow is very tight. Farah takes several calls from vendors asking for payment. He believed David had been paying the bills. When he asks about this, David admits to embezzling from the partnership. What liability does Farah face as a result of the theft? Are you for or against a partnership? Please explain.Neil and Dylan are partners in a lawn mower repair business in Ohio. While Neil is on vacation visiting his sister in Georgia, his sister's neighbor has trouble with her mower and Neil fixes it for her. She insists on paying him . Neil : O a. may keep the money as this partnership is NOT a professional business pursuant to the non - professional exception rule. O b. may not accept the money because it would create a conflict of interest. O c. may keep the payment since he did the work while he was on vacation. O d. may not accept the money because it would mean he was taking a business opportunity away from the partnership. O e. must turn the money over to the partnership because he earned it doing the kind of work that the partnership does.
- Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only worker. Because management is cost-conscious and business is slow at night, Alexia has been given the responsibility to do the accounting from the previous day. Alexia has two children, and her husband does not work. Alexia has strong pressure to provide well for her family. Is the pharmacy at risk for fraud? Why or why not?Alice owns a contracting company that receives most of its business through government contracts. A new procurement officer with a government agency implies to Alice that if she does not send him a bribe for her latest awarded contract, she will not get any further contracts. If Alice loses future contracts, her business will fail. She reluctantly gives the officer a bribe. Has Alice committed a violation? A. Yes, because Alice was not under economic duress. B. Yes, because being extorted is not a defense to giving a bribe. C. No, because Alice was under economic duress. D. No, because Alice was not the one who proposed the bribe.Bob, Frank, and Frances are equal partners in a closely held business. Although the partners work well together, their spouses and children do not. No partner is ready to quit the business and/or retire, but they are each worried about how the business would operate if one of the partners left the business due to death or disability. Each partner is financially overextended and thus does not enjoy good cash flow currently. Which one of the following is the most appropriate business transfer technique for the partners to use considering these circumstances? A) A preferred stock recapitalization of the business B) A private annuity agreement among the partners C) A cross-purchase buy-sell agreement among the partners D) An entity buy-sell agreement between the business and each partner
- Dennis just got hired after not working for two years following his reporting of financial statement fraud by his previous employer. Dennis was treated as an outcast and ultimately fired after the company “trumped up” some unsubstantiated claims of poor performance. Dennis fought thedismissal in court as wrongful termination but lost. It was two difficult years during which time his marriage broke up. In order to get hired for the new job, Dennis felt compelled to shade the truth about why he left the job. Here is what Dennis told the recruiter when asked whether he had left thecompany because of any differences:“I didn’t feel as though there was a good growth path and that it didn’t make sense to stay somewhere that wasn’t going to work out for me.”Did Dennis do the right thing? Explain.Omar, the manager of KM Company, finds his younger brother Ali, hanging out with his friends instead of attending his classes and using illegal drugs. In spite of repeated warnings and advice, Ali did not listen to him. Omar wonders whether he should inform about his brothers behavior to his father or not. Which of the following statements is correct regarding this situation? a. This is a personal ethical dilemma and if Omar decides to inform his father he is guided by the Principle of JusticeSharon is an intern with a local CPA firm. Prior to returning to school, her supervisor goes on sick leave and asks her to do some complicated reconciliation work for him. She is given what seems to her to be an unrealistic deadline. Sharon looks at the workpapers and supporting documentation and realizes she doesn’t have the skills to complete the work without help. She contacts her supervisor who tells her to talk to Holly, a good friend of Sharon and former intern at the firm, for help. Holly returned to school one semester ago. What ethical considerations do you have in this matter? What would you do and why?
- Martin Manera is one of three partners who own and operate TaftWorld, a global import and export business. Martin is the partner in charge of recording partnership transactions in the accounts. One day while driving to work, Martin’s car broke down. Upon inspection, the mechanic discovered the engine had to be replaced at a cost of $5,000. Martin does not have enough money in his bank account and his credit cards are at their limits. He has to have this car to come to work, and he only uses his car for this purpose. He decides to take $5,000 from the partnership for the repair and record it as an expense of the partnership. What are three ethical issues in this scenario?A junior executive is fed up with the operating policies of his boss. Before leaving the office of his angered superior, the young man suggests that a well-‐trained monkey could handle the trivia assigned to him. Pausing a moment to consider the import of this closing statement, the boss is seized by the thought that this must have been in the back of her own mind ever since she hired the junior executive. She decides to consider replacing the executive with a bright young baboon. She figures that she couldargue strongly to the board that such “capital deepening” is necessary for the cost-‐conscious firm. Two days later, a feasibility study is completed, and the following data are presented to the president: •It would cost $12,000 to purchase and train a reasonably alert baboon with a life expectancy of 20 years. •Annual expenses of feeding and housing the baboon would be $4,000. •The junior executive’s annual salary is $7,000 (a potential saving if the baboon is hired). •The baboon…Government contracts account for the majority of Alice's business, which she owns as a contracting firm. A new procurement official with a government organisation makes an implied threat to Alice that she won't receive any further contracts if she doesn't offer him a bribe for her most recent deal. Alice's company will shut down if she loses further customers. She bribes the police reluctanly. Has Alice broken any rules? A. Alice was not under financial pressure, thus the answer is yes. B. Insofar as being the victim of extortion does not excuse paying a bribe. C. No, since Alice was struggling financially. D. No, because the bribe wasn't suggested by Alice.
