[The Following Information Applies to the Questions Displayed Below

question 119

Multiple Choice

[The following information applies to the questions displayed below.]
During the month of February,Fadness Company had the following transactions:
(1) Revenues of $225,000 were earned and received in cash.
(2) Bank loans of $18,000 were paid off.
(3) New bank loans of $15,000 were incurred.
(4) Equipment of $40,000 was purchased with cash.
(5) Equipment was sold for its book value of $36,000.Cash was received.
(6) Expenses of $171,400 were paid.
(7) Stockholders purchased additional shares for $50,000 cash.
-A statement of cash flows for February would report net cash flows from operating activities of:

• A)$ 4,000.
• B)$35,600.
• C)$53,600.
• D)$96,600.

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Definitions:

Initial Client Interview

The first meeting between a client and a professional (usually a lawyer) to discuss the client’s issue, objectives, and possible representation.

Expert Witness

A specialist in a particular field whose opinion may help a court understand evidence or determine the fact of an issue.

Hostile Witness

A witness whose testimony is not favorable to the party calling them to testify, often showing obvious bias or reluctance.

Adverse Witness

A witness whose testimony is expected to be unfavorable to the party who has called them to testify.