Prepare the Statement of Cash Flows for Mitchell Company

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Question - 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

Required - Use this information to prepare the Statement of Cash Flows for Mitchell Company using the indirect method.

Reference no: EM132446812

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