Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
26th Edition
ISBN: 9781337498159
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 16, Problem 16.3APE
Changes in current operating assets and liabilities-indirect method
Alpenrose Corporation’s comparative balance sheet for current assets and liabilities was as follows:
| Dec. 31, 2016 | Dec. 31, 2015 | |
| Accounts receivable | $27,000 | $32,400 |
| Inventory | 18,000 | 15,480 |
| Accounts payable | 16,200 | 14,220 |
| Dividends payable | 49,500 | 53,100 |
Adjust net income of $207,000 for changes in operating assets and liabilities to arrive at net
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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, 2012
Dec. 31, 20Y1
Accounts receivable
$25,400
$24,400
Inventory
59,400
60,100
Accounts payable
17,100
15,600
Dividends payable
19,000
18,000
Adjust net income of $80,500 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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, 2012 Dec. 31, 20Y1
Accounts receivable
Inventory
Accounts payable
Dividends payable
$28,900
57,700
25,300
21,000
$28,500
58,400
24,700
22,000
Adjust net income of $100,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
X
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, Dec. 31,
Accounts
20Y2
20Y1
$25,300
$24,900
receivable
Inventory
67,200
67,900
Accounts
28,100.
26,900
payable
Dividends
18,000
payable
17,000
Adjust net income of $76,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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Chapter 16 Solutions
Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
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