Team Shirts,Inc

question 86

Multiple Choice

Team Shirts,Inc.had net cash from operating activities of $50,000.It paid $40,000 to buy a new computer system by signing a $30,000 note and paying the balance.Net cash from (or used for) financing activities for the period was ________.

• A)$(30,000)
• B)$10,000
• C)$30,000
• D)$0,however a note discloses the amount of the purchase financed by issuing a note payable

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Definitions:

Work Product

Documents, materials, or information prepared in anticipation of litigation, protected from discovery by opposing counsel.

Limited Class

A category with restrictions in terms of the number or type of members it can include, often used in legal contexts or when issuing securities.

Fraud Detector

A system or process designed to identify fraudulent activities or transactions.

Ultramares Rule

The Ultramares rule is a legal doctrine relating to negligence, limiting the liability of auditors to third parties for financial report errors, except in cases of fraud or gross negligence.