Stone Retail Corporation's Most Recent Comparative Balance Sheet Is as Follows

question 14

Multiple Choice

Stone Retail Corporation's most recent comparative Balance Sheet is as follows:
Stone's net income was $46,000. No equipment was sold or purchased. Cash dividends of $40,000 were declared and paid. Stone uses the indirect method to prepare its statement of cash flows.
-What is Stone's net cash provided by (used in) operating activities?

• A) $(18,000)
• B) $(33,000)
• C) $69,000
• D) $84,000

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Definitions:

General Journal

A fundamental accounting ledger where financial transactions are initially recorded before being transferred to specific accounts in the ledger.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered on credit.

General Journal

A primary accounting record where financial transactions are initially recorded in chronological order.

Legal Fees Revenue

Income derived from fees charged for legal services provided.