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According to an article in the Wall Street Journal, most restaurants in New York City price wine at a 300 percent markup over the price the restaurants pay for the wine. The restaurants use a much smaller markup on the food they serve. What might explain the difference in the markups?
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Describe how the product will do in this new environment.
Journalize the subsequent transactions in the books of Mr. Walter - Paid fire insurance of the above building in advance $ 1,000.
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Based on this information, prepare a statement of cash flows for the year ended December 31 using the indirect method. Assume the cash balance at the beginning of the year was $ 7,000.
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