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Stosch Company's balance sheet reported assets of $82,000, liabilities of $23.000 and common stock of $20,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $50,000 and Stosch paid a $22,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following? Multiple Choice $33000 $39,000 $1,000 O $22.000 The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $35,000: Liabilities =?: Common Stock = $6,500, Revenue = $14,000: Dividends = $1,500; Beginning Retained Earnings = $4.500; Ending Retained Earnings = $8,500 Based on this information, the amount of expenses on Calloway's income statement was Multiple Choice $4,000 $8.500 $17,000 $10,000 Chow Company earned $2.700 of cash revenue, paid $1,600 for cash expenses, and paid a $500 cash dividend to its owners. Which of the following statements is true? Multiple Choice The net cash inflow from operating activities was $1100 The net cash outflow for investing activities was $500 The net cash inflow from operating activities was $600 The net cash outflow for investing activities was $1100 Retained Earnings at the beginning and ending of the accounting period was $850 and $1,800, respectively. If revenues were $3,300 and dividends paid to stockholders were $750, expenses for the period must have been: Multiple Choice $950 $1600 O $2.550 $2,350 Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $80,000 2) borrowed $45.000 from its bank 3) provided consulting services for $78,000 cash 4) paid back $35.000 of the bank loan 5) paid rent expense for $19.000 6) purchased equipment for $32,000 cash 7) paid $5.000 dividends to stockholders 8) paid employees salaries of $41.000 What is Yowells notes payable balance the end of Year 1? Multiple Choice $10,000 $0 Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,400 cash from the issue of common stock. 2) Borrowed $870 from a bank. 3) Earned $1,050 of revenues cash. 4) Paid expenses of $340, 5) Paid a $140 dividend. During Year 2. Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $775 of common stock. 2) Repaid $535 of its debt to the bank. 3) Earned revenues of $1,200 cash. 4) Incurred expenses of $540. 5) Paid dividends of $190. Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,400 cash from the issue of common stock. 2) Borrowed $870 from a bank. 3) Earned $1,050 of revenues cash. 4) Paid expenses of $340. 5) Paid a $140 dividend. During Year 2. Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $775 of common stock. 2) Repaid $535 of its debt to the bank. 3) Earned revenues of $1,200 cash. 4) Incurred expenses of $540. 5) Paid dividends of $190. Packard Company's net cash flow from financing activities for Year 2 is: Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,600 cash from the issue of common stock. 2) Borrowed $1,070 from a bank 3) Earned $1,250 of revenues cash. 4) Pald expenses of $380. 5) Paid a $180 dividend. During Year 2. Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $975 of common stock. 2) Repaid $675 of its debt to the bank. 3) Earned revenues of $1,400 cash. 4) incurred expenses of $620. 5) Pald dividends of $230, The amount of total equity on Packard's balance sheet at the end of Year 1 is: Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,050 cash from the issue of common stock. 2) Borrowed $520 from a bank 3) Eamed $700 of revenues cash. 4) Paid expenses of $270. 5) Paid a $70 dividend. During Year 2. Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $425 of common stock. 2) Repaid $290 of its debt to the bank. 3) Earned revenues of $850 cash. 4) Incurred expenses of $400. 5) Paid dividends of $120. Total assets on Packard's balance sheet at the end of Year 2 will equal: Lexington Company engaged in the following transactions during Year 1. its first year of operations. Assume all transactions are cash transactions.) 1) Acquired $4,300 cash from issuing common stock. 2) Borrowed $2.850 from a bank 3) Earned $3,750 of revenues. 4) Incurred $2.530 in expenses 5) Paid dividends of $530. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1.150 cash from the issue of common stock. 2) Repaid $1,755 of its debt to the bank. 3) Earned revenues. $5,150. 4) Incurred expenses of $3.010. 5) Pald dividends of $1.420. The net cash flow from financing activities on Lexington's Year 2 statement of cash flows was Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,500 cash from issuing common stock. 2) Borrowed $2,950 from a bank. 3) Earned $3,850 of revenues. 4) Incurred $2.550 in expenses. 5) Paid dividends of $550. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,250 cash from the issue of common stock. 2) Repaid $1,825 of its debt to the bank. 3) Earned revenues. $5,250. 4) Incurred expenses of $3,050. 5) Paid dividends of $1,540. Total liabilities on Lexington's balance sheet at the end of Year 1 equal

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