Lexington Company engaged in the following transactions during Year 1, its first year of operations (Assume all transactions are cash transactions ) 1) Acquired $4,800 cash from issuing common stock 2) Borrowed $3,100 from a bank 3) Earned $4,000 of revenues 4) Incurred $2,580 in expenses 5) Paid dividends of $580 Lexington Company engaged in the following transactions during Year 2 1) Acquired an additional $1,400 cash from the issue of common stock 2) Repaid $1,930 of its debt to the bank 3) Earned revenues, $5,400 4) Incurred expenses of $3,110 5) Paid dividends of $1,720 Total liabilities on Lexington's balance sheet at the end of Year 1 equal Lexington Company engaged in the following transactions during Year 1, its first year of operations (Assume all transactions are cash transactions ) 1) Acquired $4,800 cash from issuing common stock 2) Borrowed $3,100 from a bank 3) Earned $4,000 of revenues 4) Incurred $2,580 in expenses 5) Paid dividends of $580 Lexington Company engaged in the following transactions during Year 2 1) Acquired an additional $1,400 cash from the issue of common stock 2) Repaid $1,930 of its debt to the bank 3) Earned revenues, $5,400 4) Incurred expenses of $3,110 5) Paid dividends of $1,720 Total liabilities on Lexington's balance sheet at the end of Year 1 equal Multiple Choice $1,140 ($1,930) O O $1,400 $3,100 O

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Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,800 cash

Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)

1) Acquired $4,800 cash from issuing common stock.
2) Borrowed $3,100 from a bank.
3) Earned $4,000 of revenues.
4) Incurred $2,580 in expenses.
5) Paid dividends of $580.

Lexington Company engaged in the following transactions during Year 2:

1) Acquired an additional $1,400 cash from the issue of common stock.
2) Repaid $1,930 of its debt to the bank.
3) Earned revenues, $5,400.
4) Incurred expenses of $3,110.
5) Paid dividends of $1,720.

Total liabilities on Lexington's balance sheet at the end of Year 1 equal: image text in transcribed

Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,800 cash from issuing common stock. 2) Borrowed $3,100 from a bank. 3) Earned $4,000 of revenues. 4) Incurred $2,580 in expenses. 5) Paid dividends of $580. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,400 cash from the issue of common stock. 2) Repaid $1,930 of its debt to the bank. 3) Earned revenues, $5,400. 4) Incurred expenses of $3,110. 5) Paid dividends of $1,720 Total liabilities on Lexington's balance sheet at the end of Year 1 equal: Multiple Choice $1,140. ($1,930). O O $1,400. $3,100. O