Sage Corporation's comparative balance sheet for current assets and liabilities was as follows:
|
|
Dec. 31, 2008
|
Dec. 31, 2007
|
|
Accounts receivable
|
$12,000
|
$14,000
|
|
Inventory
|
9,000
|
6,500
|
|
Accounts payable
|
8,500
|
7,200
|
|
Dividends payable
|
24,000
|
26,000
|
Adjust net income of $110,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities.