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.

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The Answer of 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.

Lexington Company Engaged in the Following Transactions During Year 1