Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TIF 1-1 Ethics in Action H Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import- export business.

 

TIF 1-1 Ethics in Action H Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import- export business. Marco is the partner in charge of recording partnership transactions in the accounts. On his way to work one day, Marco's car broke down. At the repair shop, Marco learned that his car's engine had significant damage, and it will cost over $2,000 to repair the damage. He does not have enough money in his bank account to cover the cost of the repair, and his credit cards are at their limit. This car is the only form of transportation that Marco has to get to and from work every day. He does not use his car for any business travel. After considering his options, Marco decides to take $2,000 from the partnership for the repair, and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. 1. Is Marco behaving ethically? Why? Who is affected by Marco's decision? 2. 3. What other alternatives might Marco consider? TIF 1-1 Ethics in Action H Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import- export business. Marco is the partner in charge of recording partnership transactions in the accounts. On his way to work one day, Marco's car broke down. At the repair shop, Marco learned that his car's engine had significant damage, and it will cost over $2,000 to repair the damage. He does not have enough money in his bank account to cover the cost of the repair, and his credit cards are at their limit. This car is the only form of transportation that Marco has to get to and from work every day. He does not use his car for any business travel. After considering his options, Marco decides to take $2,000 from the partnership for the repair, and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. 1. Is Marco behaving ethically? Why? Who is affected by Marco's decision? 2. 3. What other alternatives might Marco consider?

Step by Step Solution

3.45 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

1 No Marco is not behaving ethically Paying for car expense which i... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

27th edition

978-1337272094, 1337272094, 978-1337514071, 1337514071, 978-1337899451

More Books

Students also viewed these Accounting questions