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Norbury Corporation's net income last year was $41,000. The company did not sell or retire any property, plant, and equipment last year. Changes in
Norbury Corporation's net income last year was $41,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below: Asset and Contra-Asset Accounts: Accounts receivable Inventory Prepaid expenses Accumulated depreciation Liability Accounts: Accounts payable Accrued liabilities Income taxes payable Increases (Decreases) $ 20,000 $ (4,900) $ 15,500 $ 37,000 $ 19,500 $ (9,400) $ 4,000 Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be: 12 Data from Dunshee Corporation's most recent balance sheet appear below: Year 2 Year 1 Current assets: Cash $ 144 $ 114 Accounts receivable, net 298 318 Inventory 132 152 Prepaid expenses 24 24 Total current assets $ 598 $ 608 Total current liabilities $ 286 $ 290 Sales on account in Year 2 amounted to $1,520 and the cost of goods sold was $940. The acid-test (quick) ratio at the end of Year 2 is closest to:
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