Lighthouse Corporation's accumulated depreciation—equipment account increased by $8,800 while $5,700 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 $6,700 from the sale of investments. Reconcile a net income of $100,200 to net cash flows from operating activities.
Lighthouse Corporation's accumulated depreciation—equipment account increased by $8,800 while $5,700 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 $6,700 from the sale of investments. Reconcile a net income of $100,200 to net cash flows from operating activities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lighthouse Corporation's accumulated depreciation —equipment account increased by $8,800 while $5,700 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 $6,700 from the sale of investments. Reconcile a net income of $100,200 to net cash flows from operating activities.
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