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Prepare partial Statement of Cash Flows for Somerset Company

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Reference no: EM132766694

Question - 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 prepare a partial Statement of Cash Flows for Somerset Company. Show how to do only the section related to Cash Flows from Operating Activities.

Reference no: EM132766694

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