Question

iz Saved Required information (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 $1,800 cash from the issue of common stock. 2) Borrowed $1,270 from a bank. 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $1,175 of common stock. 2) Repaid $815 of its debt to the bank. 3) Earned revenues of $1,600. 4) Incurred expenses of $700. 5) Paid dividends of $270. What is the amount of assets that will be reported on Packard's balance sheet at the end of Year 2? < Prey 4 of 8 !!! Next >

Answer 1

Answer's $4,870 Explanation: Year.1 DAGEGuired cash 2) Borrowed from Bank . 3) Earned revenues 4) paid Expenses 5) paid. Dividend Amount (5) $1,800 $1,270 $ 1,450 $(420) $ 6220) $3,880 Year-2 6) Additional common stock 7) Repaid debts to bank 8) Earned Revenue a) Incurred Expenses 10) Paid Dividends i. Amount of Assets that will be reported. $1,175. $(815) $1,600 $(700) 8670) $4,870

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