Majorn Auto Parts Store Had Net Income of $81,000 for the Year

question 70

Multiple Choice

Majorn Auto Parts Store had net income of $81,000 for the year just ended.Majorn collected the following additional information to prepare its statement of cash flows for the year: Majorn uses the indirect method to prepare its statement of cash flows.What is Majorn's net cash provided (used) by operating activities?

• A)$41,000
• B)($53,000)
• C)$185,000
• D)$279,000

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Definitions:

Social Security

A government program that provides financial assistance to retirees, disabled individuals, and survivors of deceased workers.

Payroll Tax Expense

Charges applied to employers or their employees, often determined by a portion of the payrolls that workers earn from their companies.

Payroll Taxes

Levies charged to either employers or employees, typically based on a percentage of the wages that employees receive from their employers.

Payroll Register

A detailed document that records all payroll activities for employees within a certain period, including their pay rates, hours worked, deductions, and net pay.