1. Omni Corporation's accumulated depreciationequipment account increased by $5,500 while $3,600 of patent amortization was...
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Accounting
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. $_______________
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