Remember to show your work if an answer requires a mathematical solution. Answer each of the following questions. Each answer is worth 4 points. EXAMINATION NUMBER: 06158300 1. A company has Liabilities of $23,500 and Stockholders Equity of $56,500. How much does the company have in Assets? 2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company? 3. The account Salaries Expense began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the Salaries Expense account, and is it a debit or credit? 4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error