Changes in current operating assets and liabilities-indirect method

Phelps Corporation’s comparative balance sheet for current assets and liabilities were as follows:
Dec. 31, 2013
Dec. 31, 2012
Accounts receivable
$22,500
$27,000
Inventory
15,000
12,900
Accounts payable
13,500
11,850
Dividends payable
41,250
44,250
Adjust net income of $240,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.