Use the Following Information to Answer Questions

question 89

Multiple Choice

Use the following information to answer questions
Packard Company engaged in the following transactions during 2015,its first year in 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 2016,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 total in Packard's retained earnings account before closing in 2015 is

• A)$400.
• B)$0.
• C)$350.
• D)$450.

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Definitions:

Polygraphs

Instruments that measure physiological responses, such as heart rate and blood pressure, to determine if a person is lying.

Error Rate

The frequency or proportion of mistakes made over a specific period or within a given dataset.

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The observable behavioral and physiological component of emotion; the degree to which a person can be characterized as emotional.

Fast Pathway

A term used in psychology and neuroscience referring to the rapid processing of sensory information by the brain, often associated with automatic or instinctive reactions.