The following information comes from the records of Morton Corporation. Assume no additional investment by owners when answering the following questions: 
A What is the amount of owners' equity at January 1, 2014? __________________
B What is the amount of liabilities at December 31, 2014? __________________
C Assume that the company declared and paid dividends of $22,000 during the year. How much net income did it earn during the year?
D Assume that the company paid no dividends during the year. Without looking at the income statement, how can you tell if the company is profitable or not?
Definitions:
Individualism View
A perspective that prioritizes the rights and importance of the individual over the collective group or society.
Ethical Understanding
Involves recognizing, pondering, and responding to ethical issues and dilemmas in a moral and considerate manner.
Greed
An intense and selfish desire for something, especially wealth, power, or food, often at the expense of others' needs or feelings.
Corporate Governance
The system of rules, practices, and processes by which a company is directed and controlled.
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