P5h Construction Company has the following account balances reported on its financial statements on December 31, 20X1. In addition, the company did not issue any common stock during 20X1. All accounts on financial statements have been adjusted and reported.

Common stock 60

Equipment (net) $550

Loan 180

Deferred revenue 155

Utility expense 60

Depreciation for the year 80

Supplies 100

Sales revenue 360

Dividend paid during the year 30

Cash 80

Retained earnings ?

Required: Please choose the best answer for the following three questions based on the above information.

What is the net income reported in 20X1?

multiple choice 1

• $125

• $220

• $270

• $190

What is the balance of total assets on December 31, 20X1?

multiple choice 2

• $650

• $885

• $730

• $825

What is the balance of retained earnings on December 31, 20X1?

multiple choice 3

• $335

• $285

• $585

• $675