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 $1,650 of revenues 4) Pald 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) Eamed revenues of $1750 4) incurred expenses of $760 5) Paid dividends of $300. The amount of total liabilities on Packard's Year 1 balance sheet is Multiple Choice $1870 51420 . $940 5500 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 $1,650 of revenues. 4) Pald 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 4) Incurred expenses of $760 5) Paid dividends of $300 What is the amount of total stockholders' equity that will be reported on Packard's balance sheet at the end of Year 1? Multiple Choice $1700 o $650 $3.150 $2.900 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 $1,650 of revenues 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. 4) Incurred expenses of $760, 5) Pald dividends of $300 The amount of assets on Packard's Year 2 balance sheet is Multiple Choice $1.295 $1240 O $575. d $5.415 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 $1,650 of revenues. 4) Pald expenses of $450. 5) Pald 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. 4) Incurred expenses of $760. 5) Paid dividends of $300. What is the net cash inflow from operating activities that will be reported on Packard's statement of cash flows for Year 1? Multiple Choice $1.200 $2.320 $1.650 $950
