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Question - Anthony and Beryl Corporation reported a net income of $545,000 for the year ended December 31, 2018. Depreciation expense recorded on buildings and equipment was $182,000 for the year. Balances of the current assets and current liabilities accounts at the beginning and end of the year are as follows:
End of Year
Beginning of Year
Cash
$120,000
$108,000
Accounts receivable
16,500
22,500
Inventory
42,000
47,000
Prepaid expenses
8,500
4,000
Accounts payable
26,000
30,000
Income tax payable
1,200
900
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