Adjusting Net Income for Changes in Current Assets and Current Liabilities Dietrich Corp. reported net income of $25,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below. 20-2 20-1 Accounts Receivable $4,700 $3,000 Merchandise Inventory 25,000 30,000 Accounts Payable 16,000 18,000 Wages Payable 8,300 12,000 Compute cash provided by operating activities.

Adjusting Net Income for Changes in Current Assets and Current Liabilities Dietrich Corp. reported net income of $25,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below. 20-2 20-1 Accounts Receivable $4,700 $3,000 Merchandise Inventory 25,000 30,000 Accounts Payable 16,000 18,000 Wages Payable 8,300 12,000 Compute cash provided by operating activities.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Line Item Description Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $13,400 $12,800 Inventory 57,300 58,000 Accounts payable 13,600 11,800 Dividends payable 29,000 27,000 Adjust net income of $123,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.fill in the blank 1 of 1$
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