Reference no: EM132629734
Questions -
Q1. 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
Use this information to make a partial Statement of Cash Flows for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities.
Q2. The following information is related to Towson Company's fiscal year 2018.
Income Statement:
Net Income $2,500,000
Depreciation Expense 350,000
Loss on Sale of Plant Assets 40,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable decrease 20,000
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $30,000
Use this information to determine Towson Company's Net Cash Flows from Operating Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ).
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