1. If net income is $165,000, how much is ending retained earnings? Do not enter dollar sign or commas; just numbers.

2. How much are total assets? Do not enter dollar sign or commas; just numbers.

THE FOLLOWING INFORMATION IS USED FOR THE TWO QUESTIONS ON THIS PAGE OF THE EXAM InstaChat Company is preparing to create financial statements at the end of the accounting period. It has the following end of period account balances (except the balance for retained earnings is the beginning balance): - Accounts Payable: $50,000 - Accounts Receivable: $70,000 - Accumulated Depreciation-Equipment: $150,000 - Cash: $80,000 - Common Stock: $100,000 - Depreciation Expense: $30,000 - Dividends: $25,000 - Equipment: \$350,000 - Prepaid rent: $20,000 - Rent Expense: \$5,000 - Retained Earnings (beginning balance): \$30,000 - Service Revenue: $250,000 - Supplies: $10,000 - Supplies Expense: \$50,000 - Unearned Service Revenue: \$60,000