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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 1
Adjustments to net income-indirect method
Ripley Corporation's accumulated depreciation-equipment account increased by $11,575 while $2,500 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 $33,190 from the sale of investments. Reconcile a net income of $224,500 to net cash flow from operating activities.
Ripley Corporation's accumulated depreciation-equipment account increased by $11,575 while $2,500 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 $33,190 from the sale of investments. Reconcile a net income of $224,500 to net cash flow from operating activities.
Explanation
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Cash Flow Statement (CFS): It is the sta...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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