Use the Following Information to Answer Questions

question 92

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 amount of retained earnings on Packard's 2016 balance sheet is

• A)$640.
• B)$800.
• C)$290.
• D)$740.

Identify the parties involved in a suretyship or secured transaction and their respective rights and duties.

Understand the process and requirements for perfecting a security interest in collateral.

Evaluate the defenses available to parties in suretyship agreements against claims for payment or performance.

Distinguish between different types of collateral and their treatment under the UCC.

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