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 $19,900 $19,600 Inventory 75,000 75,700 Accounts payable 29,400 28,600 Dividends payable 25,000 27,000 Adjust net income of $122,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $fill in the blank 1

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 $19,900 $19,600 Inventory 75,000 75,700 Accounts payable 29,400 28,600 Dividends payable 25,000 27,000 Adjust net income of $122,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $fill in the blank 1

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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