Lanier Corporation’s comparative balance sheet for current assets and liabilities was as follows:
|
|
Dec. 31, 2008 |
Dec. 31, 2007 |
|
Accounts receivable |
$32,500 |
$25,000 |
|
Inventory |
69,000 |
48,000 |
|
Accounts payable |
51,500 |
32,000 |
|
Dividends payable |
15,000 |
16,400 |
Adjust net income of $290,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities.