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1. Explain why equity is not the same as cash. 2. Explain why a company may have deferred income taxes on its balance sheet. 3.

1. Explain why equity is not the same as cash.

2. Explain why a company may have deferred income taxes on its balance sheet.

3. If a firm has goodwill on its balance sheet, what, if anything, does this imply about the firm's previous acquisition activities?

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