The following information is related to Towson Company's fiscal year 2018.
Income Statement:
Net Income $2,800,000
Depreciation Expense 400,000
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 $125,000
Dividends paid were $30,000
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 ( ).
Net income | 2,800,000 |
Adjustments to reconcile net income to operating cash flow | |
Depreciation expense | 400,000 |
Loss on sale of plant assets | 50,000 |
Decrease in accounts payable | (45,000) |
Net cash provided by operating activities | 3,205,000 |
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The following information is related to Towson Company's fiscal year 2018. Income Statement: &nbs
The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $4,000,000 Depreciation Expense 550,000 Loss on Sale of Plant Assets 25,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 40,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000 Use this information to determine Towson Company's Net Cash Flows from Operating Activities. If the...
The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $4,000,000 Depreciation Expense 300,000 Loss on Sale of Plant Assets 25,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 50,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000...
The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $4,000,000 Depreciation Expense 300,000 Loss on Sale of Plant Assets 25,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 50,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000...
Question 16 (5 points) The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $2,100,000 Depreciation Expense 350,000 Loss on Sale of Plant Assets 75,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 25,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000 Use this information to determine Towson Company's Net Cash Flows...
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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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The following information is related to Alpha Company's fiscal year 2017. Net Income $300,000 Depreciation Expense 50,000 Gain on Sale of Plant Assets 5,000 Accounts Payable decrease by 4,000 Purchase of land 250,000 Sale of Equipment 105,000 Additional Information: Beginning Cash Balance: $50,000 Ending Cash Balance: $216,000 Equipment was sold for 105,000 in cash. Land was paid for in cash. Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000 Use this information to prepare...