Cash flows from acquiring and retiring long-term debt are classified as
A) operating activities.
B) investing activities.
C) financing activities.
D) purchasing activities.
Answer: C) financing activities.
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Glocker assigned to Baines her right to collect $500 from Palmer. Palmer, who was not notified of the assignment, paid the $500 to Glocker. Can Baines collect the $500 from Palmer?
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