The net income for Fallon Company for 2020 was $320,000. During 2020, depreciation on plant assets was
Question:
The net income for Fallon Company for 2020 was $320,000. During 2020, depreciation on plant assets was $124,000, amortization of patent was $40,000, and the company incurred a loss on sale of plant assets of $21,000. Compute net cash flow from operating activities.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 28% (7 reviews)
Cash flows from operating activities Net income 320000 Adjustments to reconc...View the full answer
Answered By
Sagar Kumar
I am Mechanical Engineer with CGPA of 3.98 out of 4.00 from Pakistan. I went to Government Boys Degree College, Sehwan for high school studies.
I appeared in NUST Entrance Exam for admission in university and ranked #516. My mathematics are excellent and I have participated in many math competitions and also won many of them. Recently, I participated in International Youth Math Challenge and was awarded with Gold Honor. Now, I am also an ambassador at International Youth Math Challenge,
I have been teaching when I was in 9th class class year 2012. I have taught students from 6th class to university level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Question Posted:
Students also viewed these Business questions
-
The net income for Metz Co. for 2020 was $280,000. For 2020, depreciation on plant assets was $70,000, and the company incurred a loss on disposal of plant assets of $12,000. Compute net cash...
-
Ingalls Corporation is in the process of negotiating a loan for expansion purposes. The books and records have never been audited, and the bank has requested that an audit be performed. Ingalls has...
-
In its first year of operations, 2020, Strats Corp. invoiced $172,000 in service revenue. Of that amount, $18,000 was still owing from customers at the end of year. In 2020, Strats incurred various...
-
Uniform current sheets are located in free space as follows: 8a z A/m at y = 0, 4a z A/m at y = 1, and 4a z A/m at y = 1. Find the vector force per meter length exerted on a current filament carrying...
-
In Exercises 1-2, calculate curl(F). 1. 2. F (e,sin x, cos x)
-
A college education is certainly a factor in determining ones income. Researchers at payscale.com wanted to determine if there was an association between mid-career income and household income while...
-
Return on Sales Calculate the company's return on sales for 2019 and compare the result to the industry average. Use the following financial data for Brenner Instruments Sales revenue.. Cost of goods...
-
Alonzo Saunders owns a small training services company that is experiencing growing pains. The company has grown rapidly by offering liberal credit terms to its customers. Although his competitors...
-
A firm with sales of $500,000 has average inventory of $200,000. The industry average for inventory turnover is four times a year. what would be the reduction in inventory turnover if this firm were...
-
3. A hollow shaft for a rotary compressor is to be designed to transmit a maximum torque of 4750 N-m. The shear stress in the shaft is limited to 50 MPa. Determine the inside and outside diameters of...
-
Data for Brecker Inc. are presented in E23.13. Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2020. Instructions Prepare a statement of cash flows...
-
The following data are taken from the records of Alee Company. Additional information: 1. Held-to-maturity debt securities carried at a cost of $43,000 on December 31, 2019, were sold in 2020 for...
-
What are the features of the liability of a strong culture?
-
Which of the following is a correct statement? a. All states require only a CPA certificate to obtain a license to practice public accounting. b. All states require public accounting experience to...
-
In a Prony brake dynamometer, the spring balance reading is \(200 \mathrm{~N}\), radius of brake drum is \(0.3 \mathrm{~m}\), and distance between the drum axis and hinge of the blocks is \(0.6...
-
Explain the difference between adjusting and reclassifying entries proposed by the auditor.
-
In what two stages of an audit are analytical procedures required to be performed?
-
Describe the broad-based matters that the auditor must consider at the financial statement level when deciding on the scope of the audit work necessary to provide reasonable assurance of detecting...
-
Once a horse swallows a bolus of food and it enters the stomach, strong muscles at the cardiac end of the stomach prevent the animal from regurgitating its food. How does this differ from the...
-
The Place-Plus real estate development firm in Problem 24 is dissatisfied with the economists estimate of the probabilities of future interest rate movement, so it is considering having a financial...
-
You have completed your audit of Khim Inc. and its consolidated subsidiaries for the year ended December 31, 2014, and are satisfied with the results of your examination. You have examined the...
-
Leopard Corporation is currently preparing its annual financial statements for the fiscal year ended April 30, 2014, following IFRS. The company manufactures plastic, glass, and paper containers for...
-
You are compiling the consolidated financial statements for Vu Corporation International (VCI), a public company. The corporation's accountant, Timothy Chow, has provided you with the following...
-
he Sarbanes-Oxley Act requires a(n) audit for public companies. (Enter only one word per blank.)
-
provide a recommendation for improvement if Instructions to Assessors on how to assess candidates are not clear and concise such as missing information regarding reasonable adjustment for difficulty...
-
INFERENTIAL STATISTICS AND ANALYSIS EXERCISE Listed below are 10 statements that are common pieces of clich advice (many of which you may have heard at some point in your life). Pick two of the...
Study smarter with the SolutionInn App