Petras Company Engaged in the Following Transactions During 2012, Its

question 22

Multiple Choice

Petras Company engaged in the following transactions during 2012, 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 $600 of revenues.
4) Paid expenses of $250.
5) Paid a $50 dividend.
During 2013, Petras 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 total equity on Petras' 2012 balance sheet is

• A) $1,250.
• B) $900.
• C) $300.
• D) $1,300.

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Definitions:

Menstruation

A monthly biological process where the lining of the uterus is shed, leading to bleeding in women and people with a uterus.

Unfertilized Egg

An ovum that has not undergone the process of fertilization; it does not contain genetic material from a sperm.

Monozygotic Twins

Identical twins that result from a single fertilized egg splitting into two, sharing the same genetic material.

Genetic Similarity

The extent to which an individual's genetic characteristics resemble those of another person, particularly a relative.