Packard Company Engaged in the Following Transactions During Year 1

question 65

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 $1,550 cash from the issue of common stock.2) Borrowed $1,020 from a bank.3) Earned $1,200 of revenues cash.4) Paid expenses of $370.5) Paid a $170 dividend.During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $925 of common stock.2) Repaid $640 of its debt to the bank.3) Earned revenues of $1,350 cash.4) Incurred expenses of $600.5) Paid dividends of $220.What is the net cash inflow from operating activities on Packard's statement of cash flows for Year 2?

• A) $660
• B) $1,615
• C) $1,200
• D) $750

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