Packard Company Engaged in the Following Transactions During Year 1

question 134

Multiple Choice

Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,600 cash from the issue of common stock.2) Borrowed $1,070 from a bank.3) Earned $1,250 of revenues cash.4) Paid expenses of $380.5) Paid a $180 dividend.During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $975 of common stock.2) Repaid $675 of its debt to the bank.3) Earned revenues of $1,400 cash.4) Paid expenses of $620.5) Paid dividends of $230.What is the amount of total assets that will be reported on Packard's balance sheet at the end of Year 2?

• A) $850
• B) $4,210
• C) $780
• D) $4,440

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