Jasneet Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,200 $22,900 Inventory 13,000 10,700 Accounts payable 10,900 9,400 Dividends payable 25,100 30,700 Adjust net income of $185,000
Jasneet Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,200 $22,900 Inventory 13,000 10,700 Accounts payable 10,900 9,400 Dividends payable 25,100 30,700 Adjust net income of $185,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Changes in Current Operating Assets and Liabilities
Jasneet Corporation’s comparative
| Dec. 31, Year 2 | Dec. 31, Year 1 | |||
| $20,200 | $22,900 | |||
| Inventory | 13,000 | 10,700 | ||
| Accounts payable | 10,900 | 9,400 | ||
| Dividends payable | 25,100 | 30,700 |
Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net
Transcribed Image Text:**Changes in Current Operating Assets and Liabilities**
Jasneet Corporation’s comparative balance sheet for current assets and liabilities was as follows:
| | Dec. 31, Year 2 | Dec. 31, Year 1 |
|-----------------------|-----------------|-----------------|
| Accounts receivable | $20,200 | $22,900 |
| Inventory | 13,000 | 10,700 |
| Accounts payable | 10,900 | 9,400 |
| Dividends payable | 25,100 | 30,700 |
Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
**Visual Element:**
- There is a text box with a placeholder for an input amount, accompanied by a red "X". This suggests an input field related to adjustments in cash flow calculations.
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