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1. A company has Liabilities of $23,500 and Stockholders Equity of $56,500. How much does the company have in Assets?

2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

3. The account Salaries Expense began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the Salaries Expense account, and is it a debit or credit?

4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error?