Packard Company Engaged in the Following Transactions During Year 1

question 87

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 $950 cash from the issue of common stock.
2) Borrowed $420 from a bank.
3) Earned $650 of revenues cash.
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 cash.
4) Incurred expenses of $360.
"5) Paid dividends of $100.
Packard Company's net cash flow from financing activities for Year 2 is:"

• A) $220 outflow
• B) $320 outflow
• C) $5 inflow
• D) $225 inflow

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Definitions:

Reflection Hypothesis

The theory that the mass media reflects the values of the general population, reinforcing and perpetuating existing viewpoints and societal norms.

Media Elites

Media elites are the individuals or groups that hold significant influence and power within the media industry, often shaping public opinion and discourse through their control over the distribution of information.

Traditional Values

refer to beliefs, moral codes, and cultural norms that have been passed down through generations, often serving as the foundation for societal norms and behaviors.

Cultural Capital

The non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, and dress.