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Question - Harrell Company reported net income of $320,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
End of year
Beginning of year
Cash
$22,000
$15,000
Accounts receivable
17,000
32,000
Inventories
55,000
65,000
Prepaid expense
7,500
5,0000
Accounts Receivable
11,000
18,000
Income taxes payable
600
1,200
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