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. What is the amount of total stockholders' equity that will be reported on Packard's balance sheet at the end of Year 1?
A. $390.
B. $1020.
C. $1570.
D. $1490.
Answer: D
Business
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