Exam 1: Introduction to Financial Statements

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Creditors' rights to assets supersede owners' rights to the assets.

(True/False)
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All publicly traded U.S.companies must provide their stockholders with an annual report each year.

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Gibson Company recorded the following cash transactions for the year: Paid $180000 for salaries. Paid $80000 to purchase office equipment. Paid $20000 for utilities. Paid $8000 in dividends. Collected $350000 from customers. What was Gibson's net cash provided by operating activities?

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