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Changes in Current Operating Assets and Liabilities Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec.
Changes in Current Operating Assets and Liabilities
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, Year 2 | Dec. 31, Year 1 | |||
Accounts receivable | $32,600 | $26,700 | ||
Inventory | 58,700 | 69,000 | ||
Accounts payable | 12,600 | 15,500 | ||
Dividends payable | 18,000 | 17,000 |
Adjust net income of $78,200 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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