Adjustments to Net Income-Indirect Method Kingston Corporation's accumulated depreciation-equipment account increased by $6,500, while $4,200 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 $4,900 from the sale of land Reconcile a net income of $73,300 to net cash flow from operating activities

Adjustments to Net Income-Indirect Method Kingston Corporation's accumulated depreciation-equipment account increased by $6,500, while $4,200 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 $4,900 from the sale of land Reconcile a net income of $73,300 to net cash flow 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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