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Question - Marion Company reported net income of $170,000 for the current year. Depreciation recorded on buildings and equipment amounted to $50,000 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
$20,000
$18,000
Accounts receivable
40,000
32,000
Inventories
50,000
58,000
Accounts payable
11,000
18,000
Salaries pa
10,000
6,000
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