Kingston Corporation's accumulated depreciation—equipment account increased by $6,600, while $4,300 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 $5,000 from the sale of investments. Reconcile a net income of $75,100 to net cash flows from operating activities. $fill in the blank 1

Kingston Corporation's accumulated depreciation—equipment account increased by $6,600, while $4,300 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 $5,000 from the sale of investments. Reconcile a net income of $75,100 to net cash flows from operating activities. $fill in the blank 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Durrand Corporation's accumulated depreciation increased by $11,449, while patents decreased by $3,432 between consecutive 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 $3,255 from sale of land. The company earned a net income of $45,501. Assuming there were no changes in noncash current assets and liabilities, determine the net cash flows from operating activities under the indirect method.
The loss on the cash sale of equipment was $20,125 (details in b). Sold equipment costing 591,875, with accumulated depreciation of $45,125, for $26, 625 cash. Purchased equipment costing $111,375 by paying $60,000 cash and signing a long- term notes payable for the balance. Paid $52,125 cash to reduce the long-term notes payable. Issued 4,000 shares of common stock for $20 cash per share. Declared and paid cash dividends of $53, 100. Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year.
None
Question 8.3 explanation please.
Congress Corporation's accumulated depreciation—equipment account increased by $5,000, while $3,200 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 gain of $3,800 from the sale of investments. Reconcile a net income of $56,300 to net cash flows from operating activities __________________
(A) Rifhan products use straight-line depreciation on all its depreciable assets. The accounts are adjusted and closed at the end of each calendar year. On January 4, 1999, the corporation purchased machinery for cash at a cost of $90,000. Its useful life was estimated to be 10 years with a residual value of $22,000. Depreciation for partial years is recorded to the nearest full month. In 2001, after almost 2 years of experience with the equipment, management decided that the estimated life of the equipment should be revised from 10 years to 7 years. No change was made in the estimate of residual value. The revised estimate of useful life was decided on prior to recording to depreciation for the period ended December 31, 2001. Instructions: Prepare journal entries in chronological order for the above events, beginning with the purchase of the machinery on January 4, 1999. Show separately the depreciation for 1999, 2000, and 2001 and 2002. (B) During the current year, Matrix Homes…
Print Item Use the following information from Albuquerque Company's financial statements: Net income $328,000 Change in accumulated depreciation (no sale of depreciable assets this year) 26,200 Loss on sale of company truck 9,500 Determine operating net cash flows (indirect method).
please answer without image WITH DETAILED WORKING
Extract from the statement of P&L and OCI of Don Ltd for year ended 30 June 20X8 and the Balance Sheet at 30 June 20X7 and 20X8 are given below. 20X7 20X8 Sales $2,120,000 Interest revenue $3,000 Loss on sale of plant and equipment ($25,000) Current Assets Interest receivable $1,500 $3,000 Non-current assets Plant and equipment (at cost) $410,000 $425,000 (-) Accumulated depreciation ($85,000) ($102,000) Loan to CEO $60,000 $45,000 Current liabilities Trade Payables $14,200 $34,250 Additional information: On 1 January 20X8 Don Ltd sold plant and equipment with a carrying amount of $75,000 (cost $100,000) and received $50,000 cash. An item of plant and equipment was purchased on 29 June 20X8. Not all of this was paid for with cash. $30,000 of this amount was purchased on credit and is in the trade payables balance at 30 June 20X8. Don Ltd…
9.X Company made an operating profit of $185,500 after charging depreciation of $31,200. During that year, trade payables increased by $26,600 and inventory decreased by $40,300. There was no change to trade receivables. Assuming that no other factors affected it, the cash generated from operations would have been: O a) $203,000. O b) $230,400. c) $283,600. d) $149,800.
The following were recognized during the current fiscal year by Kool Corporation: Loss on early extinguishment of noncurrent debt $30,000 Depreciation expense 18,000 Correction of understated expenses in the prior period 15,000 Losses related to a strike 24,000 Impairment of goodwill 3,400 What net amount of the above items should be included in income from continuing operations? A. $(72,000) $(51,400) $(90,400) D. $(75,400) B. C.
Durrand Corporation's accumulated depreciation increased by $13,827, while patents decreased by $2,267 between consecutive 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 $4,191 from sale of land. The company earned a net income of $41,464. Assuming there were no changes in noncash current assets and liabilities, determine the net cash flows from operating activities under the indirect method. $fill in the blank 1