Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $26,900 $26,200 Inventory 78,300 79,000 Accounts payable 25,200 24,300 Dividends payable 30,000 28,000 Adjust net income of $128,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $26,900 $26,200 Inventory 78,300 79,000 Accounts payable 25,200 24,300 Dividends payable 30,000 28,000 Adjust net income of $128,900 for changes in operating assets and liabilities to arrive at net cash flow 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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