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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, 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.

FINANCIAL ACCOUNTING
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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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. X
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. X
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