Changes in current operating assets and liabilities-indirect method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable Inventory Accounts payable Dividends payable $28,900 57,700 25,300 21,000 $28,500 58,400 24,700 22,000 Adjust net income of $100,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. X
Changes in current operating assets and liabilities-indirect method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable Inventory Accounts payable Dividends payable $28,900 57,700 25,300 21,000 $28,500 58,400 24,700 22,000 Adjust net income of $100,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Changes in current operating assets and liabilities-indirect method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 2012 Dec. 31, 20Y1
Accounts receivable
Inventory
Accounts payable
Dividends payable
$28,900
57,700
25,300
21,000
$28,500
58,400
24,700
22,000
Adjust net income of $100,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82a55757-d2b3-426e-a054-70e5fa89af6d%2F0416b696-ce8c-4314-970d-d5a111dbbee3%2Fzzkjm9m_processed.png&w=3840&q=75)
Transcribed Image Text:Changes in current operating assets and liabilities-indirect method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 2012 Dec. 31, 20Y1
Accounts receivable
Inventory
Accounts payable
Dividends payable
$28,900
57,700
25,300
21,000
$28,500
58,400
24,700
22,000
Adjust net income of $100,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
X
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