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Changes in Current Operating Assets and Liabilities—Indirect Method Covington Corporation's comparative balance sheet for current assets...

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, Year 2 Dec. 31, Year 1 Accounts receivable $14,000 $12,100 Inventory 62,400 71,700 Accounts payable 16,600 20,500 Dividends payable 22,000 24,000 Adjust net income of $110,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

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