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The income statement for Harry Ltd shows cost of goods sold $355 000 and operating expenses (exclusive of depreciation) $230 000.

The income statement for Harry Ltd shows cost of goods sold $355 000 and operating expenses (exclusive of depreciation) $230 000. The comparative balance sheet for the year shows that inventory increased $6000, prepaid expenses decreased $6000, accounts payable (inventory suppliers) decreased $8000, and accrued expenses payable decreased $12 000.

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