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Changes in Current Operating Assets and LiabilitiesIndirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2 Dec. 31, 20Y1
Accounts receivable. $17,400 $16,900
Inventory 50,300 51,000
Accounts payable 19,000 17,900
Dividends payable 17,000 18,000
Adjust net income of $83,500 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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