BlueInk Corporation's accumulated depreciation increased by $14,000, while patents decreased by $3,875 between consecutive 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 on sale of land of $1,950.Accounts receivable increased $6,320, inventory decreased $3,125, prepaid expenses decreased $720, and account payable increased $2,760.Reconcile a net income of $55,000 to net cash flow from operating activities.

Question

Quizplus · Accepted Answer

The Answer of BlueInk Corporation's accumulated depreciation increased by $14,000, while patents decreased by $3,875 between consecutive 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 on sale of land of $1,950.Accounts receivable increased $6,320, inventory decreased $3,125, prepaid expenses decreased $720, and account payable increased $2,760.Reconcile a net income of $55,000 to net cash flow from operating activities.

BlueInk Corporation's Accumulated Depreciation Increased by $14,000, While Patents Decreased