Explanation: Lense Laboratories reported a net income of $290,000. Analyzing the account data provided includes an increase in Accounts Receivable of $64,000, an increase in Salaries Payable of $57,500, a decrease in Inventory of $36,500, Depreciation Expense of $49,000, and an increase in Prepaid Insurance of $3,600.
Answer:
This is not a valid justification for participating in unethical activities.
Explanation:
Maintaining scientific integrity and preventing professional misconduct is a shared responsibility for scientists and engineers alike. All professionals, including engineers, must remain faithful to the ethical standards their profession requires. Engineering is a critical and learned discipline, and its members are obliged to demonstrate the utmost levels of honesty and ethical conduct. Engineers are required to uphold standards that reflect the highest ethical principles.
Every engineer should be well-acquainted with their profession's code of ethics and comply with it, as well as report any unethical professionals instead of making excuses for unethical behaviors.
The notion of responsible conduct highlights ethical decision-making, obligations, and adherence to professional norms and values. Every engineer and other professionals should acknowledge all aspects of responsible conduct mandated by their occupations.
a. The working capital totals $65,600.
b. The quick ratio is 68%.
Working capital is crucial for a company's financial management as it reflects its capability to fulfill short-term liabilities. The quick ratio, a liquidity measure, aids analysts in evaluating the firm's capacity to settle short-term obligations using its liquid assets. If $250,000 in contingent liabilities were reported as notes in financial statements, the calculations would remain unchanged since such liabilities have no immediate impact on the balance sheet until they materialize into actual liabilities.
