Ethical Case Study: Case Summary: MB and 2 other partners operate S Partners, a global import-export business, where MB records the partnership transactions. MB travels to the firm in the car as it is the only means of transport and one day the car breaks down on the way to firm. The engine is damaged and the cost to repair comes around $2,000. MB falls short of the amount and takes $2,000 from the firm and records it as firm’s expense, thinking it to be appropriate, as the car is required for daily commute to work. To Explain: The action of MB as ethical or not.

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Can you help me solve this general accounting question using the correct accounting procedures?

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1.1TIF

1)

To determine

Ethical Case Study:

Case Summary:

MB and 2 other partners operate S Partners, a global import-export business, where MB records the partnership transactions. MB travels to the firm in the car as it is the only means of transport and one day the car breaks down on the way to firm. The engine is damaged and the cost to repair comes around $2,000. MB falls short of the amount and takes $2,000 from the firm and records it as firm’s expense, thinking it to be appropriate, as the car is required for daily commute to work.

To Explain: The action of MB as ethical or not.

2)

To determine

To Identify: The People affected by the decision of MB.

3)

To determine

To Consider: The other alternatives available with MB.

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Can you help me solve this general accounting question using the correct accounting procedures?

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Papyrus Industries was started on April 15, 2019, when it issued common stock for $50,000 cash. Also on April 15, 2019, the company purchased production machinery that cost $42,000 cash. The machinery was delivered under terms of FOB shipping point, and the transportation cost was $3,200. The machinery had a ten-year useful life and a $4,500 expected salvage value. Using straight-line depreciation, determine the amount of depreciation expense and the amount of accumulated depreciation that would appear on the December 31, 2022, financial statements. a) $4,070 / $15,092.78 b) $4,070 / $15,059.17 c) $3,890 / $14,398.33 d) $4,220 / $15,613.33

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1.1TIF

1)

To determine

Ethical Case Study:

Case Summary:

MB and 2 other partners operate S Partners, a global import-export business, where MB records the partnership transactions. MB travels to the firm in the car as it is the only means of transport and one day the car breaks down on the way to firm. The engine is damaged and the cost to repair comes around $2,000. MB falls short of the amount and takes $2,000 from the firm and records it as firm’s expense, thinking it to be appropriate, as the car is required for daily commute to work.

To Explain: The action of MB as ethical or not.

2)

To determine

To Identify: The People affected by the decision of MB.

3)

To determine

To Consider: The other alternatives available with MB.

Expert Solution & Answer

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See solution

Check out sample textbook solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1.1TIF

1)

To determine

Ethical Case Study:

Case Summary:

MB and 2 other partners operate S Partners, a global import-export business, where MB records the partnership transactions. MB travels to the firm in the car as it is the only means of transport and one day the car breaks down on the way to firm. The engine is damaged and the cost to repair comes around $2,000. MB falls short of the amount and takes $2,000 from the firm and records it as firm’s expense, thinking it to be appropriate, as the car is required for daily commute to work.

To Explain: The action of MB as ethical or not.

2)

To determine

To Identify: The People affected by the decision of MB.

3)

To determine

To Consider: The other alternatives available with MB.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1.1TIF

1)

To determine