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Adjust net income for changes in operating assets

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Question - 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

$24,100

$23,300

Inventory

61,700

62,400

Accounts payable

28,700

27,100

Dividends payable

20,000

19,000

Required - Adjust net income of $84,700 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

Reference no: EM133091192

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