[The following information applies to the questions displayed below.] Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.)1) Acquired $6,000 cash from issuing common stock. 2) Borrowed $4,400 from a bank. 3) Earned $6,200 of revenues. 4) Incurred $4,800 in expenses. 5) Paid dividends of $800. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.)1) Acquired an additional $1,000 cash from the issue of common stock. 2) Repaid $2,600 of its debt to the bank. 3) Earned revenues, $9,000. 4) Incurred expenses of $5,500. 5) Paid dividends of $1,280. What was the amount of liabilities on Lexington's balance sheet at the end of
Year 2?
A. $480.
B. $1,800.
C. ($2,600).
D. $1,000.
Answer: B
You might also like to view...
On the statement of cash flows, the ______________________________ section involves the issuance and repayment of long term liabilities and stock transactions
Fill in the blank(s) with correct word
Which one of the following statements is false?
a. The inventory account is updated after every sale and after every merchandise purchase under the perpetual inventory system. b. The inventory account is updated only at the end of the accounting period under the periodic inventory system. c. A cost of goods sold account is updated after each sale of merchandise under the periodic inventory system. d. A purchases account is used only under the periodic inventory system.
Explain a database lockout and the deadlock phenomenon. Contrast that to concurrency control and the timestamping technique. Describe the importance of these items in relation to database integrity
Which of the following best describes the purpose of a press room at a trade show?
A) location where journalists televise reports about the show B) area occupied by an organization for displaying products C) place where exhibiting firms can request media coverage D) location where exhibiting firms can leave information for reporters E) area set aside for attendees and exhibitors to personally interact