1. Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000, Property, plant and equipment $350,000, Common stock $500,000, Retained earnings ?, Accounts receivable $250,000, Long term debt $200,000, Accounts payable $100,000 and Inventory $175,000. What is the Retained Earnings balance at the end of the year?

• A. $50,000
• B. $550,000
• C. $850,000
• D. $800,000

2. Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000, Property, plant and equipment $350,000, Common stock $500,000, Retained earnings ?, Accounts receivable $250,000, Long term debt $200,000, Accounts payable $100,000 and Inventory $175,000. What amount should Walstrom's Electronics report on its Balance Sheet for Total Assets?

• A. $950,000
• B. $550,000
• C. $850,000
• D. $775,000

3. Seifert Corporation reports the following account balances: Sales revenues $700,000, Rental revenues $180,000, General and Administrative expenses $320,000, Selling expenses $280,000, Income tax expenses $60,000, and Dividends paid $220,000. By what amount will Net income on a Single-step Income statement differ from Net income on a Multiple-step Income statement if Seifert prepares both formats?

• A. $0
• B. $2,000
• C. $6,000
• D. $8,000