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Falcon Services was organized on October 1, 2016.The company received a contribution of $2,000 from each of the two principal owners.During the month, Falcon Services provided services for cash of $1,400 and services on account for $600, received $350 from customers in payment of their accounts, purchased supplies on account for $800 and equipment on account for $1,050, received a utility bill for $150 that will not be paid until November, and paid the full amount due on the equipment.
REQUIRED: Show your work to determine the company's Cash balance on October 31, 2016.
Stock Issue Costs
Expenses associated with issuing new shares of stock, including underwriting, legal, and registration fees.
Contingent Consideration
An obligation of a buyer to transfer additional assets or equity interests to the seller if future events occur or conditions are met after a business combination.
Bargain Purchase
A transaction where an asset is purchased or acquired for significantly less than its estimated fair market value.
Indirect Costs
Expenses that are not directly traceable to a specific product or service but are necessary for the business's general operation.
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