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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
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 $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.
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 $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.
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