Question: Changes in Current Operating Assets and Liabilities Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2

Changes in Current Operating Assets and Liabilities Covington Corporation's comparative balance sheet

Changes in Current Operating Assets and Liabilities Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $18,600 $16,000 Inventory 62,000 72,900 Accounts payable 18,500 22,000 Dividends payable 31,000 29,000 Adjust net income of $129,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. $

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