Question
1. Omni Corporation's accumulated depreciationequipment account increased by $5,500 while $3,600 of patent amortization was recognized between balance sheet dates. There were no purchases or
1. Omni Corporation's accumulated depreciationequipment account increased by $5,500 while $3,600 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 $4,200 from the sale of investments.
Reconcile a net income of $62,300 to net cash flow from operating activities. $___________
2.
Victor Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2 | Dec. 31, 20Y1 | |||
Accounts receivable | $25,800 | $24,700 | ||
Inventory | 73,000 | 73,700 | ||
Accounts payable | 26,800 | 26,400 | ||
Dividends payable | 20,000 | 19,000 |
Adjust net income of $86,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $_______________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started