Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,950 cash from the issue of common stock. 2) Borrowed $1,420 from a bank. 3) Earned $1,600 of revenues cash. 4) Paid expenses of $450. 5) Paid a $250 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $1,325 of common stock. 2) Repaid $920 of its debt to the bank. 3) Earned revenues of $1,750 cash. 4) Paid expenses of $760. 5) Paid dividends of $300. What is the amount of total assets that will be reported on Packard's balance sheet at the end of Year 2?

Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,950 cash from the issue of common stock. 2) Borrowed $1,420 from a bank. 3) Earned $1,600 of revenues cash. 4) Paid expenses of $450. 5) Paid a $250 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $1,325 of common stock. 2) Repaid $920 of its debt to the bank. 3) Earned revenues of $1,750 cash. 4) Paid expenses of $760. 5) Paid dividends of $300. What is the amount of total assets that will be reported on Packard's balance sheet at the end of Year 2?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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