1. At the beginning of the current fiscal year, Surrey Corp.'s balance sheet showed assets of $675,000 and Liabilities of $525,000. During the year, liabilities decreased by $35,000. Net Income for the year was $175,000, and net assets at the end of the year were $193,000. There were no changes in paid-in capital during the year. Calculate the dividends, if any, declared during the year. Calculate the total assets at the end of the year.

	A	=	L	+	OE
beginning	$675,000		525,000		1
changes			(35000)		175,000	Net In
					(-2)
ending	(4)		(3)		193,000

2. From the data given below, calculate the Retained Earnings balance of December 31, 2010.

Retained earnings, December 31, 2009				230,000
Increase in total liabilities during 2010				66,000
Gain on the sale of building during 2010				28,000
Dividends declared and paid in 2010				18,000
Proceeds from the sale of common stock in 2010				64,000
Net Income for the year ended December 31, 2010				82,000