1- The total assets and the total liabilities of Atlas Financial Services are shown below. The company issued no common stock and paid no dividends during the year.

	Total Assets	Total Liabilities
Beginning of year	$ 425 comma 000$425,000	$ 285 comma 000$285,000
End of year	455 comma 000455,000	310 comma 000310,000

What was the amount of net income for the year?

2- Which of the following events is not recorded by accountants?

A.

signing a $400,000 note to purchase land

B.

sale of merchandise on account

C.

purchase of a building for $200,000 cash

D.

effects of an economic boom