Veale Corporation's most recent balance sheet appears below: Net income for the year was $107. Cash dividends were $29.
-The net cash provided by (used by) investing activities for the year was:
A) ($31)
B) $31
C) ($68)
D) $68

Question

Veale Corporation's most recent balance sheet appears below:  Net income for the year was $107. Cash dividends were $29.
-The net cash provided by (used by) investing activities for the year was:
A) ($31) 
B) $31 
C) ($68) 
D) $68

Quizplus · Accepted Answer

To calculate the net cash provided by (used by) investing activities, we need to look at the change in the investment accounts on the balance sheet. In this case, we can see that there was a decrease in the investments in marketable securities from $99 to $31. This means that Veale Corporation sold $68 worth of marketable securities, resulting in a net cash outflow (or use) of $68 for investing activities. Therefore, the correct answer is C.

Veale Corporation's Most Recent Balance Sheet Appears Below: Net