Lexington Company Engaged in the Following Transactions During Year 1

question 139

Multiple Choice

Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.) Acquired $4,100 cash from issuing common stock.Borrowed $2,750 from a bank.Earned $3,650 of revenues.Incurred $2,510 in expenses.Paid dividends of $510.
Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.)
Acquired an additional $1,050 cash from the issue of common stock.Repaid $1,685 of its debt to the bank.Earned revenues, $5,050.Incurred expenses of $2,970.Paid dividends of $1,300.
What is the amount of total assets that will be reported on Lexington's balance sheet at the end of Year 1?

• A)$3,910
• B)$1,350
• C)$7,540
• D)$7,480

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Definitions:

Infatuation

An intense but short-lived passion or admiration for someone or something.

Passionate Relationship

A romantic relationship characterized by intense emotions and sexual attraction.

Companionate

Relating to or denoting a type of love characterized by deep affection and commitment.

Approachability Cues

Nonverbal signs or behaviors that indicate a person is open to interaction or conversation.