Homework Answers
Answer to Question 1:
Net cash flow from operating activities = Net income +
Depreciation expenses + Amortization expense - Gain from sale of
investments
Net cash flow from operating activities = $90,200 + $7,900 + $5,100
- $6,000
Net cash flow from operating activities = $97,200
Answer to Question 2:
Net cash flow from operating activities = Net income - Increase
in accounts receivable + Decrease in inventory + Increase in
accounts payable
Net cash flow from operating activities = $77,100 - $300 + $700 +
$300
Net cash flow from operating activities = $77,800
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Adjustments to Net Income-Indirect Method Kingston Corporation's accumulated depreciation equipment account increased by $7,900 while $5,100...
Adjustments to Net Income—Indirect Method Kingston Corporation's accumulated depreciation—equipment account increased by $7,700, while $5,000 of...
Adjustments to Net Income—Indirect Method
Kingston Corporation's accumulated depreciation—equipment
account increased by $7,700, while $5,000 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 $5,900 from the
sale of land. Reconcile a net income of $87,500 to net cash flow
from operating activities. $
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Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation equipment account increased by $3,800, while $2,500...
Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation equipment account increased by $3,800, while $2,500 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 $2,900 from the sale of land. Reconcile a net income of $43,400 to net cash flow from operating activities. $ Cash Flows from Operating Activities,Indirect Method Staley Inc. reported the following data:...
Adjustments to Net Income—Indirect Method Omni Corporation's accumulated depreciation—equipment account increased by $6,100, while $4,000 of...
Adjustments to Net Income—Indirect Method Omni Corporation's accumulated depreciation—equipment account increased by $6,100, while $4,000 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 $4,700 from the sale of land. Reconcile a net income of $69,600 to net cash flow from operating activities. $
Adjustments to Net Income—Indirect Method Lighthouse Corporation's accumulated depreciation—equipment account increased by $4,500, while $2,900 of...
Adjustments to Net Income—Indirect Method Lighthouse Corporation's accumulated depreciation—equipment account increased by $4,500, while $2,900 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 $3,400 from the sale of land. Reconcile a net income of $50,800 to net cash flow from operating activities. $
Adjustments to Net Income—Indirect Method Congress Corporation's accumulated depreciation—equipment account increased by $7,400, while $4,800 of...
Adjustments to Net Income—Indirect Method Congress Corporation's accumulated depreciation—equipment account increased by $7,400, while $4,800 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 $5,600 from the sale of land. Reconcile a net income of $84,000 to net cash flow from operating activities.
Adjustments to Net Income—Indirect Method Congress Corporation's accumulated depreciation—equipment account increased by $4,500, while $2,900 of...
Adjustments to Net Income—Indirect Method Congress Corporation's accumulated depreciation—equipment account increased by $4,500, while $2,900 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 $3,400 from the sale of land. Reconcile a net income of $51,200 to net cash flow from operating activities. $
Adjustments to Net Income—Indirect Method Ya Wen Corporation's accumulated depreciation—equipment account increased by $8,750, while $3,250...
Adjustments to Net Income—Indirect Method Ya Wen Corporation's accumulated depreciation—equipment account increased by $8,750, while $3,250 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 $18,750 from the sale of investments. Reconcile a net income of $175,000 to net cash flow from operating activities.
Adjustments to net income—indirect method Lighthouse Corporation's accumulated depreciation—equipment account increased by $17,240 while $3,900 of...
Adjustments to net income—indirect method Lighthouse Corporation's accumulated depreciation—equipment account increased by $17,240 while $3,900 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 $21,070 from the sale of investments. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Reconcile...
Changes in Current Operating Assets and Liabilities—Indirect Method Mohammed Corporation's comparative balance sheet for current assets...
Changes in Current Operating Assets and Liabilities—Indirect Method Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $18,500 $18,300 Inventory 56,500 57,200 Accounts payable 11,400 10,400 Dividends payable 18,000 17,000 Adjust net income of $78,600 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $
Changes in Current Operating Assets and Liabilities—Indirect Method Mohammed Corporation's comparative balance sheet for current assets...
Changes in Current Operating Assets and Liabilities—Indirect Method Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $18,500 $18,300 Inventory 56,500 57,200 Accounts payable 11,400 10,400 Dividends payable 18,000 17,000 Adjust net income of $78,600 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $
Adjustments to Net Income—Indirect Method
Kingston Corporation's accumulated depreciation—equipment
account increased by $7,700, while $5,000 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 $5,900 from the
sale of land. Reconcile a net income of $87,500 to net cash flow
from operating activities. $
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Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation equipment account increased by $3,800, while $2,500 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 $2,900 from the sale of land. Reconcile a net income of $43,400 to net cash flow from operating activities. $ Cash Flows from Operating Activities,Indirect Method Staley Inc. reported the following data:...
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