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

---

Definitions:

Direct Method

A method of preparing a statement of cash flows that shows operating cash receipts and payments, making it more consistent with the objective of the statement of cash flows.

Cash Collections

The process of gathering all cash received during a period, including sales revenues and other income.

Worksheet

A multiple-column form that may be used in making adjusting entries and in preparing financial statements.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives.