Sitz Corporation's Most Recent Comparative Balance Sheet and Income Statement

question 1

Multiple Choice

Sitz Corporation's most recent comparative balance sheet and income statement appear below:

Cash dividends were $11. The net cash provided by (used by) operations for the year was:

• A) $11
• B) $93
• C) $41
• D) $74

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Definitions:

Liability Account

An accounting record that captures the amounts a company owes to creditors.

Creditors

Creditors are individuals or entities to whom a company owes money for goods or services that have been provided.

Asset Account

An account on a company's balance sheet that represents a resource with economic value that an entity owns or controls.