Question: Refer to Arctic Cats financial statements in Appendix A. Identify Arctic Cats net earnings (income) for the year ended March 31, 2011. Is its net

Refer to Arctic Cat’s financial statements in Appendix A. Identify Arctic Cat’s net earnings (income) for the year ended March 31, 2011. Is its net earnings equal to the increase in cash and cash equivalents for the year? Explain the difference between net earnings and the increase in cash and cash equivalents.

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