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, 20Y2 Dec. 31, 20Y1 Accounts receivable $16,100 $15,500 Inventory 62,200 62,900 Accounts payable 20,000 19,200 Dividends payable 24,000 22,000 Adjust net income of $99,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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, 20Y2 Dec. 31, 20Y1 Accounts receivable $16,100 $15,500 Inventory 62,200 62,900 Accounts payable 20,000 19,200 Dividends payable 24,000 22,000 Adjust net income of $99,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
Chapter1: Financial Statements And Business Decisions
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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, 20Y2
Dec. 31, 20Y1
Accounts receivable
$16,100
$15,500
Inventory
62,200
62,900
Accounts payable
20,000
19,200
Dividends payable
24,000
22,000
Adjust net income of $99,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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