The Following Information Applies to the Questions Displayed Below

question 63

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 Packard Company's net cash flow from financing activities for Year 2?

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

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Definitions:

English Colonies

Territories in the Americas and other parts of the world that were under the control and administration of the English crown from the late 16th to early 18th centuries.

Mulatto Class

A historical term referring to a social class or group composed of people of mixed European and African ancestry, often associated with colonial and slave societies.

Spanish Empire

A historical empire that included territories and colonies across the globe, known for its vast reach and wealth in the 16th to 18th centuries.

British North America

Territories in North America under British rule before the formation of the United States and Canada, encompassing colonies that later became part of these and other countries.