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5. Note that in 1995 Spartan's cash flow from operations ( net income plus depreciation) was its highest during the 1992 1995 period . Yet
5. Note that in 1995 Spartan's cash flow from operations (net income plus depreciation) was its highest during the 19921995 period. Yet its need for external funds, reflected in the large increase in its short-term bank loans, was also the greatest over the same period. resolve this apparent paradox.
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