The Following Information Applies to the Questions Displayed Below

question 93

Multiple Choice

The following information applies to the questions displayed below
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.
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.
4) Incurred expenses of $360.
5) Paid dividends of $100.

-What is the after-closing amount of retained earnings that will be reported on Packard's balance sheet at the end of Year 2? (Assume that closing entries have been passed) .

• A)$640
• B)$800
• C)$290
• D)$740

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Definitions:

Neurons

are the basic working units of the brain and nervous system, responsible for receiving, processing, and transmitting information through electrical and chemical signals.

Axon

A thin, elongated extension of a neuron, or nerve cell, that usually carries electrical signals from the cell body of the neuron.

Epineurium

The outermost layer of connective tissue surrounding a peripheral nerve, providing protection and support.

Nerve Fibers

Long projections of neurons that transmit electrical impulses throughout the body, facilitating communication between the brain, spinal cord, and other areas.