Wolfe Inc. Wolfe Inc.reports These Account Balances at January 1, 2015

question 37

Multiple Choice

Wolfe Inc.
Wolfe Inc.reports these account balances at January 1, 2015:
-See the account balances for Wolfe Inc.
On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31, 2015, the total liabilities are:

• A)$0
• B)$56,000
• C)$41,000
• D)$30,000

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Definitions:

Investing Activities

Transactions and events that involve the purchase or sale of long-term assets, investments, and other non-current assets.

Financing Activities

Activities that result in changes in the size and composition of the equity capital and borrowings of an entity, detailed in the cash flow statement.

Financial Health

Financial health refers to the overall stability and strength of an entity's financial situation, often assessed through metrics like liquidity, solvency, and profitability.

Investing Activities

Transactions and activities related to the acquisition and disposal of long-term assets and other investments not considered as cash equivalents.