Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, Year 2Dec. 31, Year 1Accounts receivable$7,500 $5,200 Inventory11,500 16,000 Accounts payable4,300 5,200 Dividends payable4,000 3,000 Adjust Year 2 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method.
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