The amount of total equity on balance sheet

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Reference no: EM131207985

Packard Company engaged in the following transactions during 2015, its first year in operations: (Assume all transactions are cash transactions.) 1) Acquired $1,550 cash from the issue of common stock. 2) Borrowed $1,020 from a bank. 3) Earned $1,200 of revenues. 4) Paid expenses of $370. 5) Paid a $170 dividend. During 2016, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $925 of common stock. 2) Repaid $640 of its debt to the bank. 3) Earned revenues of $1,350. 4) Incurred expenses of $600. 5) Paid dividends of $220.

The amount of total equity on Packard's 2015 balance sheet is?

The amount of retained earnings on Packard's 2016 balance sheet is?

Reference no: EM131207985

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