Changes in current operating assets and liabilities-indirect methodCovington Corporation's comparative balance sheet for current assets and liabilities was as follows:Dec. 31, 2012Dec. 31, 20Y1Accounts receivable$25,400$24,400Inventory59,40060,100Accounts payable17,10015,600Dividends payable19,00018,000Adjust net income of $80,500 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.

The cash flow from various activities during the period are classified as operating, investing and…

anges in current operating assets and liabilities-indirect method ovington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable $25,400 $24,400 Enventory 59,400 60,100 Accounts payable 17,100 15,600 Dividends payable 19,000 18,000 Adjust net income of $80,500 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.

anges in current operating assets and liabilities-indirect method ovington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable $25,400 $24,400 Enventory 59,400 60,100 Accounts payable 17,100 15,600 Dividends payable 19,000 18,000 Adjust net income of $80,500 for changes in operating assets and liabilities to arrive at net cash flows from 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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