Question

Adjustments to Net Income—Indirect Method

- DX OneLogin CengageNow Online teachinx Inventory AutoFair Subaru of H: X G Kingston Corporation's accumula X + v2.cengagenow.com/ilm/takeAssignment/takeAssignment Main.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpr... + → C ☆ | Paused - Jetblue email Ch 16-2 Practice Exercises eBook Show Me How Calculator Print Item 1. PE 16-01A Adjustments to Net Income Indirect Method 2. PL. 16-0113 Kingston Corporation's accumulated depreciation equipment account increased by 57,700, while $5,000 of patent amortization was recognized between balance sheet dates. There were na purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain af 55,900 from the sale of land. 3. PE. 16-02.ALGO Reconcile a net income of $87,500 to net cash flow from operating activities. s 106, 100 X 4. PE.16-03.ALGO Feedback 5. PE 16-04.ALGO 6. PE 16-05.ALGO Consider how each of the above mentioned items would have affected the income statement. What journal entry would have been made to record these transactions? Do these items have an affect on cash? Would any of these transactions appear in a different portion of the statement of cash flows? Check My Work 1 mara Chack My Work uses remaining Previous Next > Progress: 3/6 items Assignment Score: 33.33% All work saved. Email Instructor Save and Exit Submit Assignment for Grading Type here to search AE ( D 2:23 PM 11/29/2019 E 16

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. $

Answer 1

CashHow statement particulars Amounts amounts Net Income 87,500 Aeld' non-court expenses. a) accumulated depreciation 7,700 b) parents amortization 5,500 - 13,200 hesti Income from non operating aching a) gain from sale of hand (5,900) 5,900) Net cashtlove from operating Actiritier 94,800, $94,800.