Partial statement of cash flows
Operating activities | |
Net income | 4,000,000 |
Adjustments | |
Depreciation expense | 650,000 |
Gain on sale of plant assets | -50,000 |
Decrease in Accounts receivable | 45,000 |
Net cash provided by operating activities | $4,645,000 |
Other information given in the question is not relevant for calculating net cash provided by operating activities as it related to investing and financing activities.
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Question 17 (20 points) The following information is related to Somerset Company's fiscal year 2018. Income...
Question 17 (20 points) 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...
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