3. Congress Corporation's accumulated depreciation—equipment account increased by $5,900, while $3,800 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 $4,500 from the sale of land.
Reconcile a net income of $66,900 to net cash flow from operating activities.
$_______
4. Adjust net income of $83,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
$________
Extracted text: Changes in Current Operating Assets and Liabilities-Indirect Method Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $19,400 $16,000 Inventory 55,900 65,800 Accounts payable 18,500 23,400 Dividends payable 17,000 18,000 Adjust net income of $83,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.