Question: Phelps Corporation??s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $138,000 for changes in operating assets and liabilities

Phelps Corporation??s comparative balance sheet for current assets and liabilities was as follows:

Adjust net income of $138,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

Dec. 31, 2013 $22,500 15,000 13,500 41,250 Dec. 31, 2012 $27,000 12,900 11,850 44,250 Accounts receivable Inventory Accounts payable Dividends payable

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