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Question - Jost's Co. had the following transactions during 2019:
1. Issued $50,000 of par value common stock for cash.
2. Repaid a 6 year note payable in the amount of $22,000.
3. Acquired land by issuing common stock of par value $100,000.
4. Declared and paid a cash dividend of $2,000.
5. Sold a long-term investment (cost $3,000) for cash of $8,000.
6. Acquired an investment in IBM stock for cash of $15,000.
Required - What is the net cash provided (used) by investing activities?
A. $15,000
B. $33,000
C. ($7,000)
D. $8,000
E. None of the above.
Explain the tax deferral concepts and the impact on the business, the employees, and potential tax consequences for both. Be specific in your recommendations
What is the main responsibility of the budget committee?
In this Discussion, you will be able to familiarize yourself with the rules that govern CPAs. Understanding these rules helps to ensure you provide accounting services to your clients with sound ethical and legal practices.
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