Lexington Company Engaged in the Following Transactions During Year 1

question 153

Multiple Choice

Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.) Acquired $4,200 cash from issuing common stock.Borrowed $2,800 from a bank.Earned $3,700 of revenues.Incurred $2,520 in expenses.Paid dividends of $520.
Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.)
Acquired an additional $1,100 cash from the issue of common stock.Repaid $1,720 of its debt to the bank.Earned revenues, $5,100.Incurred expenses of $2,990.Paid dividends of $1,360.
What was the amount of liabilities on Lexington's balance sheet at the end of Year 2?

• A)$1,100.
• B)($1,720).
• C)$840.
• D)$1,080.

Grasp the different types of legal fees and billing practices within law firms.

Realize the significance of performance evaluations for legal personnel and strategies to succeed in them.

Acknowledge the role of technology in managing legal work, including data backup and cloud computing.

Identify the roles of individuals in a lawsuit based on their titles.

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Definitions:

Salivate

To salivate means to produce saliva, often in anticipation of food or in response to its presence, characterized by the physiological process of digestion.

Salivation in Dogs

An automatic response that occurs in dogs when they anticipate food, famously studied by Pavlov in his classical conditioning experiments.

Nobel Prize

A set of annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural, or scientific advances.

Classical Conditioning

A behavioral technique where two stimuli are systematically linked together; over time, a reaction originally elicited by the second stimulus is elicited by the first stimulus alone.