Question
The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $1.375 million, $135,000 in the common stock account and $2.6 million in
The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $1.375 million, $135,000 in the common stock account and $2.6 million in the additional paid-in surplus account. The December 31, 2010, balance sheet showed long-term debt of $1.53 million, $145,000 in the common stock account and $2.9 million in the additional paid-in surplus account. The 2010 income statement showed an interest expense of $91,500 and the company paid out $140,000 in cash dividends during 2010. The firms net capital spending for 2010 was $910,000, and the firm reduced its net working capital investment by $120,000. What was the firms operating cash flow during 2010?
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