Carlyn Corporations accumulated depreciationfurniture account increased by $7,500, while $2,750 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 $...

Net income 107500 Adjustments to reconcile ...

Carlyn Corporations accumulated depreciationfurniture account increased by $7,500, while $2,750 of patent amortization was recognized between balance

Question:

Carlyn Corporation’s accumulated depreciation—furniture account increased by $7,500, while $2,750 of patent amortization was recognized between dates. There were no purchases or sales of depreciable or during the year. In addition, the income statement showed a loss of $4,000 from the sale of land. Reconcile a net income of $107,500 to net cash flow from operating activities.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...