Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions). 1) Acquired $1,900 cash from the issue of common stock.
2) Borrowed $1,370 from a bank.
3) Earned $1,550 of revenues cash.
4) Paid expenses of $440.
5) Paid a $240 dividend.
During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions).
1) Issued an additional $1,275 of common stock.
2) Repaid $885 of its debt to the bank.
3) Earned revenues of $1,700 cash.
4) Incurred expenses of $740.
5) Paid dividends of $290.
What is Packard's retained earnings account balance at the end of Year 1 before the process of closing the accounts has been undertaken?

The monthly demand equation for an electric utility company is estimated to be p equals 60 minus left parenthesis 10 superscript negative 5 baseline right parenthesis x, where p is measured in dollars and x is measured in thousands of killowatt-hours. the utility has fixed costs of $3 comma 000 comma 000 per month and variable costs of $32 per 1000 kilowatt-hours of electricity generated, so the cost function is upper c left parenthesis x right parenthesis equals 3 times 10 superscript 6 baseline plus 32 x. (a) find the value of x and the corresponding price for 1000 kilowatt-hours that maximize the utility's profit. (b) suppose that the rising fuel costs increase the utility's variable costs from $32 to $38, so its new cost function is upper c 1 left parenthesis x right parenthesis equals 3 times 10 superscript 6 baseline plus 38 x. should the utility pass all this increase of $6 per thousand kilowatt-hours on to the consumers?