Comparative balance sheet
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Gates Company'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.
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