Changes in current operating assets and liabilities indirect method
Phelps Corporation’s comparative balance sheet for current assets and liabilities were as follows:
|
Dec. 31, 2013 |
Dec. 31, 2012 |
|
|
Accounts receivable |
$22,500 |
$27,000 |
|
Inventory |
15,000 |
12,900 |
|
Accounts payable |
13,500 |
11,850 |
|
Dividends payable |
41,250 |
44,250 |
Adjust net income of $240,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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