1. what was the balance of Packard's Retained earnings account before closing in year 1?

2.What is the amount of total stockholders ewuity that will be reported on Packards balance sheet at the end of Year 1?

3.What is the after closing amount if retained earnings that will be reported on Packards balance sheet at the end of Year 2?

4.What is the amount of assets that will be reported on Packard's balance sheet at the end of Year 2?

One. Test 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 $1100 cash from the issue of common stock. 2) Borrowed $570 from a bank. 3) Earned $750 of revenues. 4) Paid expenses of $280. 5) Paid a $80 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $475 of common stock 2) Repaid $325 of its debt to the bank. 3) Earned revenues of $900. 4) Incurred expenses of $420. 5) Paid dividends of $130