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[ The following information applies to the questions displayed below ] Income statements for the current year and one year ago, follow. Assume that all
The following information applies to the questions displayed below
Income statements for the current year and one year ago, follow. Assume that all sales are on credit.
Yearend balance sheets follow.
tableAt December Current Year, Year Ago, Years AgoAssets$CashAccounts receivable, net,InventoryPrepaid rent,Machinery net,$$$
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