LOVELY BEAUTY SALON Elizabeth and Arden operate a beauty salon as partners who share profits and losses equally. The success of their business has exceeded expectations; the salon is operating quite profitably.Arden is anxious to maximize profits and schedules appointments from 8 am to 6 pm, daily, even sacrificing some lunch hours to accommodate regular customers.Elizabeth schedules her appointments from 9am to 5pm and takes long lunch hours.Elizabeth regularly makes significant larger withdrawals of cash than Arden does., but she says "Arden you need not worry, I never make a withdrawal without you knowing about it, so it properly recorded in my drawing account and charged against my capital at the end of the year".Elizabeth's withdrawals to date are double Arden's. Fully explain your answer to the following

questions.

1 Who are the stakeholders in this situation?

2 Identify the problems with Elizabeth's actions and discuss the ethical considerations of her actions.

3 How might the partnership agreement be revised to accomodate the differences in Elizabeth's and Arden's work and withdrawal habits? i