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Packard Company engaged in the following transactions during Year 1, its first year of operations:...

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Accounting

Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.)

  1. 1) Acquired $1,350 cash from the issue of common stock.
  2. 2) Borrowed $820 from a bank.
  3. 3) Earned $1,000 of revenues.
  4. 4) Paid expenses of $330.
  5. 5) Paid a $130 dividend.

During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)

  1. 1) Issued an additional $725 of common stock.
  2. 2) Repaid $500 of its debt to the bank.
  3. 3) Earned revenues of $1,150.
  4. 4) Incurred expenses of $520.
  5. 5) Paid dividends of $180.

What is the amount of assets that will be reported on Packards balance sheet at the end of Year 2?image

What is the amount of assets that will be reported on Packard's balance sheet at the end of Year 2? Multiple Choice $3,385 O $675 O $3,565 $2.710 O

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