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.