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Question - Novak Corporation had the following activities in 2020.
1. Payment of accounts payable $776,000
2. Collection of note receivable $91,000
3. Issuance of common stock $249,000
4. Issuance of bonds payable $460,000
5. Payment of dividends $353,000
6. Purchase of treasury stock $43,000
Required - Compute the amount Novak should report as net cash provided (used) by financing activities in its 2020 statement of cash flows.
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Rex Chapman, Inc. does not issue its first-quarter report until after the second quarter's results are reported. Which qualitative characteristic of accounting is not followed? (Do not use relevance.)
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