Atlantic Inc. had the following noncash current asset and current liabilities balances at the end...
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Accounting
Atlantic Inc. had the following noncash current asset and current liabilities balances at the end of 2010 and 2011: 2010 2011 Accounts receivable $ 50,000 $ 42,000 Inventory 190,000 160,000 Prepaid insurance 10,000 6,000 Accounts payable 25,000 30,000 Net income for 2011 was $940,000 and depreciation expense was $25,000. All sales and all purchases are on account. Atlantic uses the indirect method for preparing the statement of cash flows.
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