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Adjustments to Net Income- Indirect Method Kingston Corporation's accumulated depreciation equipment account increased by $8,400, while $5,400 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $6,400 from the sale of investments. Reconcile a net income of $95,200 to net cash flows from operating activities. $fill in the blank 1

Adjustments to Net Income- Indirect Method Kingston Corporation's accumulated depreciation equipment account increased by $8,400, while $5,400 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $6,400 from the sale of investments. Reconcile a net income of $95,200 to net cash flows from operating activities. $fill in the blank 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adjustments to Net Income— Indirect Method Kingston Corporation's accumulated depreciation equipment account increased by $8,400, while $5,400 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $6,400 from the sale of investments. Reconcile a net income of $95,200 to net cash flows from operating activities. $fill in the blank 1
Transcribed Image Text:Adjustments to Net Income— Indirect Method Kingston Corporation's accumulated depreciation equipment account increased by $8,400, while $5,400 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $6,400 from the sale of investments. Reconcile a net income of $95,200 to net cash flows from operating activities. $fill in the blank 1
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