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:
Polygamy
A marital practice in which an individual has more than one spouse simultaneously, recognized in some cultures and religions.
Breadwinners
Persons who earn the primary source of income for a household, supporting the family's financial needs.
Family
An intimate group of two or more people who (1) live together in a committed relationship, (2) care for one another and any children, and (3) share activities and close emotional ties.
Deteriorating
Experiencing a decline in quality, condition, or vitality over time.
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