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Lexington Company engaged in the following transactions during Year 1, its first year of operations....

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Accounting

  1. Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)

    1. 1. Acquired $6,000 cash from issuing common stock.

    2. 2. Borrowed $4,400 from a bank.

    3. 3. Earned $6,200 of revenues.

    4. 4. Incurred $4,800 in expenses.

    5. 5. Paid dividends of $800.

    Lexington Company engaged in the following transactions during Year 2:

    1. 1. Acquired an additional $1,000 cash from the issue of common stock.

    2. 2. Repaid $2,600 of its debt to the bank.

    3. 3. Earned revenues, $9,000.

    4. 4. Incurred expenses of $5,500.

    5. 5. Paid dividends of $1,280.

    The net cash flow from financing activities on Lexington's Year 2 statement of cash flows was

    $2,880 outflow

    $2,880 inflow

    $1,000 outflow

    $1,000 inflow

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