Adjustments to Net Income-Indirect Method Omni Corporation's accumulated depreciation-equipment account increased by $4,600, while $3,000 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 gain of $3,500 from the sale of investments. Reconcile a net income of $51,900 to net cash flows from operating activities.

Adjustments to Net Income-Indirect Method Omni Corporation's accumulated depreciation-equipment account increased by $4,600, while $3,000 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 gain of $3,500 from the sale of investments. Reconcile a net income of $51,900 to net cash flows from operating activities.

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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Subject : Accounting
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