William Develops a New Design for a Gasoline Engine That

question 30

Essay

William develops a new design for a gasoline engine that will increase fuel economy by 30%.He decides not to patent this design because it will be good for the environment and the entire world.Name and explain the ethical system William has used to make this decision.

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Definitions:

Financial Statement Column

A column in a financial statement that categorizes financial data, such as assets, liabilities, revenues, or expenses, to help analyze financial health.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the accounts for the next period.

Owner's Equity Statement

A financial statement that shows the changes in the equity of a company's owner(s) over a period of time.

Net Income

The amount of money that remains after all operating expenses, taxes, and interest have been deducted from total revenue.