Billings Company has a patent on its books with a balance at the beginning of the year

Question:

Billings Company has a patent on its books with a balance at the beginning of the year of $24,000. The ending balance for the asset was $20,000. The company did not buy or sell any patents during the year, nor does it use an Accumulated Amortization account. Assuming that the company uses the indirect method in preparing a statement of cash fl ows, how is the decrease in the Patents account reported on the statement?

AppendixLO1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: