Question
The 2018 balance sheet of Speiths Golf Shop, Inc., showed long-term debt of $6.2 million, and the 2019 balance sheet showed long-term debt of $6.45
The 2018 balance sheet of Speiths Golf Shop, Inc., showed long-term debt of $6.2 million, and the 2019 balance sheet showed long-term debt of $6.45 million. The 2019 income statement showed an interest expense of $215,000. The 2018 balance sheet showed $610,000 in the common stock account and $2.5 million in the additional paid-in surplus account. The 2019 balance sheet showed $650,000 and $3 million in the same two accounts, respectively. The company paid out $610,000 in cash dividends during 2019. Suppose you also know that the firms net capital spending for 2019 was $1,470,000, and that the firm reduced its net working capital investment by $89,000. What was the firms 2019 operating cash flow, or OCF? (Do not round intermediate calculations.
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