Exam 1: Accounting As a Form of Communication

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

All of the following are different expressions for net income except:

Stockholders' equity is owners' equity in a corporation.

At December 31, 2016, the accounting records of Tasty Foods Corporation contain the following: Accounts payable \ 16,000 Accounts receivable \ 40,000 Land \ 240,000 Cash ? Capital stock ? Equipment \ 120,000 Building \ 180,000 Notes payable \ 190,000 Retained earnings \ 160,000 ? If capital stock is $260,000, what is the December 31, 2016 cash balance?

In 2002, Congress passed the ________________ Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.