Adjustments to net incomeindirect method Obj. 2 Pearl Corporations accumulated depreciationfurniture account increased by $8,400, while $3,080

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Adjustments to net income—indirect method Obj. 2 Pearl Corporation’s accumulated depreciation—furniture account increased by $8,400, while $3,080 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 $4,480 from the sale of land. Reconcile a net income of $120,400 to net cash flow from operating activities.

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Corporate Financial Accounting

ISBN: 9781337398176

15th Edition

Authors: Carl Warren, Jefferson Jones

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