James Corporation’s comparative balance sheet for current assets and liabilities was as follows:

Accounting
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James Corporation’s comparative balance sheet for current assets and liabilities was as follows:

Dec. 31, 2014 Dec. 31, 2013 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000

Adjust 2014 net income of $60,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method. Show all work.

May 4th, 2015

net income                                           60000

add decrease in accounts receivables         1300

less increase in inventory                       [ 4500]

add increase in accounts payable     1200

less decrease in dividends payable    [ 1000]

                 

May 4th, 2015

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