3) [The following information applies to the questions displayed below.] Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.)1) Acquired $950 cash from the issue of common stock.2) Borrowed $420 from a bank.3) Earned $650 of revenues.4) Paid expenses of $250.5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)1) Issued an additional $325 of common stock.2) Repaid $220 of its debt to the bank.3) Earned revenues of $750.4) Incurred expenses of $360.5) Paid dividends of $100.

3.1) What is Packard Company's net cash flow from financing activities for Year 2?

A) $320 outflow. B) $220 outflow. C) $225 inflow. D) $5 inflow.

3.2) What was the balance of Packard's Retained Earnings account before closing in Year 1?

A) $0 B) $400 C) $350 D) $450

3.3) What is the amount of total stockholders equity that will be reported on Packards balance sheet at the end of Year 1?

) $900 B) $1,350 C) $1,300 D) $250

3.4) What is the after-closing amount of retained earnings that will be reported on Packards balance sheet at the end of Year 2?(Assume that closing entries have been

A) $800 B) $290 C) $740 D) $640

3.5) What is the amount of assets that will be reported on Packards balance sheet at the end of Year 2?

A) $2,115 B) $395 C) $2,215 D) $440

3.6) What is the net cash inflow from operating activities that will be reported on Packards statement of cash flows for Year 1?

A) $350 B) $400 C) $820 D) $650