Question: Sage Corporations comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $110,000 for changes in operating assets and liabilities

Sage Corporation€™s comparative balance sheet for current assets and liabilities was as follows:

Sage Corporation€™s comparative balance sheet for current assets

Adjust net income of $110,000 for changes in operating assets and liabilities to arrive at cash flows from operatingactivities.

Dec. 31, 2008 Dec. 31, 2007 Accounts receivable Inventory Accounts payable Dividends payable $12,000 9,000 8,500 24,000 $14,000 6,500 7,200 26,000

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