The Following Transactions Occurred Last Year at Jolly Corporation

question 33

Multiple Choice

The following transactions occurred last year at Jolly Corporation: Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be:

• A)$179,000
• B)$59,000
• C)($109,000)
• D)$46,000

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Definitions:

Authority

Authority refers to the legal right or power given to an individual or organization to carry out certain actions or enforce rules and decisions.

Contract

A legally binding agreement between two or more parties that outlines obligations each party must fulfill.

Principal

The original sum of money borrowed in a loan, or the amount of money invested excluding earnings or interest.

Gratuitous

Given without receiving any value in return; often refers to acts of kindness or gifts.