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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 $19,900   $19,600   Inventory 75,000   75,700   Accounts payable 29,400   28,600   Dividends payable 25,000   27,000   Adjust net income of $122,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $fill in the blank 1

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 $19,900   $19,600   Inventory 75,000   75,700   Accounts payable 29,400   28,600   Dividends payable 25,000   27,000   Adjust net income of $122,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $fill in the blank 1

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 3BE
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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 $19,900   $19,600  
Inventory 75,000   75,700  
Accounts payable 29,400   28,600  
Dividends payable 25,000   27,000  

Adjust net income of $122,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
$fill in the blank 1

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