Question 16 (5 points)

The following information is related to Towson Company's fiscal year 2018.

Income Statement:

Net Income $2,500,000

Depreciation Expense 350,000

Loss on Sale of Plant Assets 55,000

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

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 ( ).

Your Answer:

Question 16 options: