Question
Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,650 cash
Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.)
1) Acquired $1,650 cash from the issue of common stock.
2) Borrowed $1,120 from a bank.
3) Earned $1,300 of revenues.
4) Paid expenses of $390.
5) Paid a $190 dividend.
During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)
1) Issued an additional $1,025 of common stock.
2) Repaid $710 of its debt to the bank.
3) Earned revenues of $1,450.
4) Incurred expenses of $640.
5) Paid dividends of $240.
What is the amount of assets that will be reported on Packards balance sheet at the end of Year 2?
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