FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
17
Adjustments to net Income - indirect method DATA Depreciation Amortization of patents Gain from sale of investments Net income $14,785 $4,500 $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 ash flow from operating activities
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Transcribed Image Text:Adjustments to net Income - indirect method DATA Depreciation Amortization of patents Gain from sale of investments Net income $14,785 $4,500 $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 ash flow from operating activities
Adjustments to net income-indirect method Lighthouse Corporation's accumulated depreciation-equipment account increased by $14,785 while $4,500 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 gain of $20,820 from the sale of investments. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Reconcile a net income of $279,400 to net cash flow from operating activities. Round your answer to the nearest dollar. 2$
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Transcribed Image Text:Adjustments to net income-indirect method Lighthouse Corporation's accumulated depreciation-equipment account increased by $14,785 while $4,500 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 gain of $20,820 from the sale of investments. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Reconcile a net income of $279,400 to net cash flow from operating activities. Round your answer to the nearest dollar. 2$
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