Multiple Choice
[The following information applies to the questions displayed below.]
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.
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.
4) Incurred expenses of $360.
5) Paid dividends of $100.
-The amount of assets on Packard's Year 2 balance sheet is
A) $2,115.
B) $440.
C) $2,215.
D) $395.
Correct Answer:

Verified
Correct Answer:
Verified
Q49: What does negative retained earnings indicate?<br>A)The company
Q52: Dividends paid by a company are reported
Q53: The following information applies to the questions
Q61: Indicate whether each of the following statements
Q72: [The following information applies to the questions
Q82: Which of the financial statements are required
Q84: Perez Company paid a $300 cash
Q85: [The following information applies to the questions
Q87: Which of the following could describe
Q90: As of December 31,Year 1,Mason Company had