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Jerez Company reported net income of $190,000 for 2010. Jerez also reported depreciation expense of $35,000 and a loss of $5,000 on the sale of...

Jerez Company reported net income of $190,000 for 2010. Jerez also reported depreciation expense of $35,000 and a loss of $5,000 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.

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Accounting-8203933.xls

Jerez Company reported net income of $190,000 for 2010. Jerez also reported depreciation expense of $35,000 and a loss of $5,000 on the sale of equipment. The comparative balance sheet shows a...

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