Business, 27.08.2021 16:10 Hoeing3195
Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)
1) Acquired $950 cash from the issue of common stock.
2) Borrowed $420 from a bank.
3) Earned $650 of revenues cash.
4) Paid expenses of $250.
5) Paid a $50 dividend.
During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.)
1) Issued an additional $325 of common stock.
2) Repaid $220 of its debt to the bank.
3) Earned revenues of $750 cash.
4) Incurred expenses of $360.
5) Paid dividends of $100.
What is the amount of total assets that will be reported on Packard's balance sheets at end of year 2?
A. $2.715
B. $440
C. $52.215
D. $395
Answers: 3
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Packard Company engaged in the following transactions during Year 1, its first year of operations. (...
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