PE 16-3A Changes in current operating assets and liabilities—indirect method
Phelps Corporation’s comparative balance sheet for current assets and liabilities was 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 $138,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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