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During its first week, Duffy & Stevenson Company had these transactions.
1. Issued 100,000 shares of $5 par value common stock for $800,000 cash.
2. Borrowed $200,000 from Castle Bank, signing a 5-year note bearing 8% interest.
3. Purchased two semi-trailer trucks for $170,000 cash.
4. Paid employees $12,000 for salaries and wages.
5. Collected $20,000 cash for services provided.
Classify each of these transactions by type of cash flow activity.
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Outdoor expo provides guided fishing tours. The company charges $200 per person but offers a 10% for parties of four or more. Consider the following transactions during the month of May.
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The cost of not taking the cash discounton trade credit of 3/10, net 30 is equal to:
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Why there is no gain for the transaction.
1. briefly explain the purpose of the disclosure note on significant accounting policies. provide two examples of what
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