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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
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 for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities. D oo - Format B IU - Partial Statement of Cash Flows: Somerset Company
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