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1. Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important?
2. Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013:
a.Tammy had $16,000 in her personal bank account and $21,000 in the business bank account.
b.Tammy owes $1,000 on a personal charge account with Kohl’s.
c.Tammy acquired business furniture for $21,000 on April 21. Of this amount, the business owes $11,000 on accounts payable at April 10.