Cozy Corporation's accumulated depreciation-furniture increased by $5,000, and $1,300 of patents were amortized between balance sheet dates.

Question:

Cozy Corporation's accumulated depreciation-furniture increased by $5,000, and $1,300 of patents were amortized between balance sheet dates. Cozy had no purchases or sales of tangible or intangible assets during the year. In addition, the statement of income showed a gain of $12,000 from the sale of land. Reconcile a net income of $150,000 to net cash flow from operating activities using the indirect method

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...