Reference no: EM132378583
Question
The following info is related to Somerset Company's FY 2018.
Income Statement:
Net Income $4,000,000
Depreciation Expense $650,000
Gain on Sale of Plant Assets $50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Receivable ($45,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $150,000
Dividends paid were $35,000
Create only the section related to Cash Flows from Operating Activities.
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