Reference no: EM132270478
Problem - The following information is related to Mitchell Company's fiscal year 2018.
Income Statement:
Net Income $300,000
Depreciation Expense 30,000
Loss on Sale of Plant Assets 10,000
Interest Expense 500
Balance Sheet - 12/31/18:
Accounts Payable Increase 4,000
Accounts Receivable Increase 5,000
Plant Assets - Purchased 200,000
Plant Assets - Proceeds from sale 100,000
Additional Information:
Cash Balance - 12/31/2017: $50,000
Common Stock exchanged for outstanding Long-Term Notes Payable of $150,000
Dividends paid were $30,000
Use this information to prepare the Statement of Cash Flows for Mitchell Company using the indirect method.
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