During 2014,Marvin Had the Following Transactions A) $\text { \$32,000. }$

question 83

Multiple Choice

During 2014,Marvin had the following transactions:
$\begin{array} { l } \text { Salary}&\$50,000\\ \text {Bank loan (proceeds used to buy personal auto) }&10,000\\ \text {Alimony paid }&12,000\\ \text {Child support paid }&6,000\\ \text {Gift from aunt }&20,00\\\\\text { Marvin's AGI is: }&\\\end{array}$

• A)\(\text { \$32,000. }\)
• B)\(\$ 38,000 .\)
• C)\(\$ 44,000 .\)
• D)\(\$ 56,000\)
• E)\(\mathbf { 8 4 , 0 0 0 }\)

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Definitions:

Financing Activities

Transactions with creditors or investors used to fund either company operations or expansions.

Investing Activities

Refers to the purchasing and selling of long-term assets and other investments, not including cash equivalents, which are reported in a company's cash flow statement.

Indirect Method

A cash flow statement approach that adjusts net income for the effects of non-cash transactions and changes in working capital to calculate cash from operating activities.

Accumulated Depreciation

The cumulative total of depreciation costs noted for an asset since it was acquired.