17 Adjustments to net Income - indirect methodDATADepreciationAmortization of patentsGain from sale of investmentsNet income$14,785$4,500$20,820$279,400Using formulas and cell references, perform the required analysis, and inputyour answer into the Amount column. Transfer the numeric result for thegreen entry cell (B12) into the appropriate field in CNOWV2 for grading.AmountFormulaNetash flow from operating activities Adjustments to net income-indirect methodLighthouse Corporation's accumulated depreciation-equipment account increased by $14,785 while $4,500 of patent amortization was recognized between balance sheetdates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $20,820 from the sale ofinvestments. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questionbelow.Open spreadsheetReconcile a net income of $279,400 to net cash flow from operating activities. Round your answer to the nearest dollar.2$

Cash Flow from Operating Activities: Under Indirect method of Calculating the cash flow from…

Adjustments to net Income - indirect method DATA $14,785 $4,500 Depreciation Amortization of patents Gain from sale of investments Net income $20,820 $279,400 Using formulas and cell references, perform the required analysis, and input your answer into the Amount column. Transfer the numeric result for the green entry cell (B12) into the appropriate field in CNOWV2 for grading. Amount Formula Net cash flow from operating activities

Adjustments to net Income - indirect method DATA $14,785 $4,500 Depreciation Amortization of patents Gain from sale of investments Net income $20,820 $279,400 Using formulas and cell references, perform the required analysis, and input your answer into the Amount column. Transfer the numeric result for the green entry cell (B12) into the appropriate field in CNOWV2 for grading. Amount Formula Net cash flow from operating activities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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