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7. Use the following net worth statement to answer the questions that follow: Beginning of the Accounting Year Market Valuation End of the Accounting Year
7. Use the following net worth statement to answer the questions that follow: Beginning of the Accounting Year Market Valuation End of the Accounting Year Market Valuation Cost Valuation Cost Valuation Cash on hand $ 25,000 $ 25,000 $ 35,000 Other current assets $ 200,000 $ 200,000 $ 240,000 Noncurrent assets $ 300.000 $ 350,000 $525,000 Total assets $575,000 $275,000 $550,000 $ 35,000 $ 240,000 $325,000 $ 600,000 Current liabilities $ 155,000 $ 155,000 $ 185,000 $ 185,000 Noncurrent liabilities $185,000 $ 185,000 $150,000 $ 150,000 Total liabilities $340,000 $340,000 $335,000 $335,000 Net worth $ 185,000 $235,000 $ 215,000 $265,000 What is the working capital at the beginning of the year? At the end of the year? How much was their net cash flow for the accounting year? If the accrual net farm income for the accounting year was $100,000, how much of it did the farm withdraw for family living and other nonfarm expenses
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