The net income reported on the income statement for the current year was $250,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Beginning End $ 50,000 Cash $ 60,000 112,000 Accounts receivable 108,000 105,000 Inventories 93,000 4,500 Prepaid expenses 6,500 75,000 89,000 Accounts payable (merchandise creditors) The net income reported on the income statement for the current year was $250,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Beginning End $ 50,000 Cash $ 60,000 112,000 Accounts receivable 108,000 105,000 Inventories 93,000 4,500 Prepaid expenses 6,500 75,000 89,000 Accounts payable (merchandise creditors)