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The following information is related to Towson Company's fiscal year 2020.
Income Statement:
Net Income $3,300,000 Depreciation Expense 500,000 Loss on Sale of Plant Assets 75,000 Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable decrease 35,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information:
Problem 1: 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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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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