Victor Corporation’s comparative balance sheet for current assets and liabilities was as follows:
|
|
Dec. 31, 2009 |
Dec. 31, 2008 |
|
Accounts receivable |
$ 6,500 |
$ 4,900 |
|
Inventory |
12,300 |
15,000 |
|
Accounts payable |
4,800 |
5,200 |
|
Dividends payable |
5,000 |
4,000 |
Adjust net income of $70,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities.