Reference no: EM132517111
The following information is related to Somerset Company's fiscal year 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
Question 1: Prepare a partial Statement of Cash Flows for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities.
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