White feels that the additional income should be shared in the ratio of 2:1 ($60,000 x 2/3 = $40,000 Mr. White that this net income of $60,000 should be shared in the proportion of their current capital balances. White discovered that the net income for the previous year was understated by $60,000. White has withdrawn more cash from the business than his partner Mr. White’s capital balance was $150,000 and Mr. At the end of the year, the firm has reported net income of $300,000, which was allocated in the ratio of 2:1, ($200,000 for Mr. It is his high profile that gets the contracts for the firm. Black gets all of the contracts for the firm. They share profits and losses in the ratio of 2:1, which is also the ratio of their initial investment in the business. Black (invested $10,000) are in a partnership to run a marketing firm. Wrong have recorded the transaction?What are the ethical aspects of Mr. Wrong makes the following entry on the books to record the transaction:DebitCreditCost of goods sold$5,000Inventory$5,000How should Mr. Wrong’s daughter is getting married, and she loves an antique piece that costs $5,000. From time to time, they use some of the small items from the store merchandise for personal use. Right travels the country buying antiques. They share profits and losses equally and receive an annual salary of $50,000, as per the partnership agreement. Wrong own an antique store in a partnership. He wants you to look at each ethical scenario listed below and answer the questions related to that scenario.Mr. Your professor has given you an assignment for the weekend. You are an accounting student taking a class in accounting.
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