gin-vx | M 201910 Prino: ×1 D Quiz Chap 1 x Not secure ezto.mheducation.com/hm.t

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gin-vx | M 201910 Prino: ×1 D Quiz Chap 1 x Not secure ezto.mheducation.com/hm.tpx Retained Earn x | Q Guía de estud X SB Packard Company engaged in the followin... The following information applies to the questions displayed below Packard Company engaged in the following transactions during 2015, its first year in operations: (Assume all transactions are cash transactions) 1) Acquired $1,700 cash from the issue of common stock 2) Borrowed $1,170 from a bank. 3) Earned $1.350 of revenues 4) Pald expenses of $400. 5) Pald a $200 dividend During 2016, Packard engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued an additional $1,075 of common stock 2) Repald $745 of its debt to the bank 3) Earned revenues of $1,500 4) Incurred expenses of $660. 5) Pald dividends of $250 References Section Break SB Packard Company engaged in the 090 points

Explanation / Answer

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Working for 2015: Revenue $       1,350 Less Expense $           400 Net Income $           950 Less: Dividend $           200 Retained Earning, 2015 Ending $           750 Common Stock $       1,700 Retained Earning $           750 Total Equity-2015 $       2,450 Working for 2016: Revenue $       1,500 Less Expense $           660 Net Income $           840 Retained Earning, Beginning $           750 Add: Net Income $           840 Less: Dividend $           250 Retained Earning, Ending $       1,340

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