Lexington Company engaged in the following transactions during 2015, its first year in operation: (Assume all transactions are cash transactions)

1. Acquired $3,600 cash from issuing common stock. 2. Borrowed $2,500 from a bank. 3. Earned $3,400 of revenues. 4. Incurred $2,460 in expenses. 5. Paid dividends of $460.

Lexington Company engaged in the following transactions during 2016:

1. Acquired an additional $800 cash from the issue of common stock. 2. Repaid $1,510 of its debt to the bank. 3. Earned revenues, $4,800. 4. Incurred expenses of $2,870. 5. Paid dividends of $1,000.

1.The net cash flow from financing activities on Lexington's 2016 statement of cash flows was A $1,710 outflow B $200 outflow C $800 inflow D $1,710 inflow

2. The amount of total assets on Lexington's 2015 balance sheet was A $1,100. B $6,840. C $6,580. D $3,860.

3. The amount of retained earnings on Lexington's 2015 balance sheet was A $940. B $3,400. C $480. D $2,940.

4. The amount of liabilities on Lexington's 2016 balance sheet was A $540. B $990. C ($1,510). D $800.