3) At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable $ 15,000 Accounts Receivable $ 38,000 Land $ 238,000 Cash ? Capital Stock ? Equipment $ 118,000 Building $ 178,000 Notes Payable $ 188,000 Retained Earnings $ 158,000 If Capital Stock is $318,000, total assets of Braun Corporation at December 31, Year 1, amounts to:

Multiple Choice

$917,000.

$103,000.

$679,000.

$717,000.

4) Montauk Oil Company reports these account balances at December 31, Year 1: Accounts Payable $ 114,000 Land 204,000 Notes Payable 264,000 Equipment 164,000 Cash 84,000 Accounts Receivable 104,000 Buildings 244,000 Capital Stock 344,000 Retained Earnings 74,000 On January 2, Year 2, Montauk Oil collected $54,000 of its accounts receivable and paid $24,000 of its accounts payable. On January 3, Year 2, total liabilities are:

Multiple Choice

$74,000.

$354,000.

$378,000.

$304,000.