08 Jun Question Lexington Company engaged in the following transactions during 2015, its first year in operation: (Assume all transactions are cash transaction
Question
Lexington Company engaged in the following transactions during 2015, its first year in operation: (Assume all transactions are cash transactions)
1. Acquired $4,300 cash from issuing common stock.
2. Borrowed $2,850 from a bank.
3. Earned $3,750 of revenues.
4. Incurred $2,530 in expenses.
5. Paid dividends of $530.
Lexington Company engaged in the following transactions during 2016:
1. Acquired an additional $1,150 cash from the issue of common stock.
2. Repaid $1,755 of its debt to the bank.
3. Earned revenues, $5,150.
4. Incurred expenses of $3,010.
5. Paid dividends of $1,420.
6. Required information
The amount of liabilities on Lexington’s 2016 balance sheet was
($1,755).$1,095.$890.$1,150.
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