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Make a partial statement of cash flows for Somerset Company

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Reference no: EM132633028

Question - The following information is related to Somerset Company's fiscal year 2018.

Income statement:

Net Income $4,000,000

Depreciation Expense 650,000

Loss on Sale of Plant Assets 50,000

Interest Expense 5,000

Balance Sheet- 12/31/17: Increase (Decrease)

Accounts Payable decrease 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

Required - 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.

Reference no: EM132633028

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