QUESTION 17 Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transach 1.1) Acquired $4,200 cash from issuing common stock 2 2) Borrowed $2,800 from a bank 3. 3) Eamed $3,700 of revenues, 4.4) Incurred $2,520 in expenses. 5.5) Paid dividends of $520. Lexington Company engaged in the following transactions during Year 2: 1.1) Acquired an additional $1,100 cash from the issue of common stock 2.2) Repaid $1,720 of its debt to the bank 3.3) Earned revenues, $5,100. 4.4) Incurred expenses of $2.990 5.5) Paid dividends of $1,360 The amount of total assets on Lexington's balance sheet at the end of Year 1 was $3,920 $7,660 $1 400 $7,680 Packard Company engaged in the following transactions during Year 1, its first year of operati 1. 1) Acquired $1,450 cash from the issue of common stock. 2.2) Borrowed $920 from a bank 3. 3) Earned $1,100 of revenues cash. 4.4) Paid expenses of $350. 5. 5) Paid a $150 dividend. During Year 2, Packard engaged in the following transactions (Assume all transactions are ca 1. 1) Issued an additional $825 of common stock. 2.2) Repaid $570 of its debt to the bank. 3.3) Earned revenues of $1,250 cash. 4. 4) Incurred expenses of $560. 5.5) Paid dividends of $200. What is the amount of retained earnings that will be reported on Packard's Year 2 balance sheet $1.090 $810 QUESTION 19 Which of the following items would typically appear in the current liabilities section of a classified balance sheet Accounts payable All of these answer choices are correct. Salaries payable Interest payable Click Save and Submit to save and submit. Click Save All Answers to save all answers. R QUESTION 20 Madison Company issued an interest-bearing note payable with a face amount of $24,000 and a stated interest rate of 8% to the Metropolitan Ban carried a one-year term Based on this information alone, the amount of total liabilities appearing on Madison's Year 1 balance sheet would be $24.800 O $24,720 $24,000 $25,920 Click Save and Submit to save and submit Chicle Sate All Arto save all arsus