Question
The December 31, 2015, balance sheet of Schism, Inc., showed long-term debt of $1,415,000, $143,000 in the common stock account, and $2,680,000 in the additional
The December 31, 2015, balance sheet of Schism, Inc., showed long-term debt of $1,415,000, $143,000 in the common stock account, and $2,680,000 in the additional paid-in surplus account. The December 31, 2016, balance sheet showed long-term debt of $1,610,000, $153,000 in the common stock account, and $2,980,000 in the additional paid-in surplus account. The 2016 income statement showed an interest expense of $95,500 and the company paid out $148,000 in cash dividends during 2016. The firm's net capital spending for 2016 was $990,000, and the firm reduced its net working capital investment by $128,000.
What was the firm's 2016 operating cash flow, or OCF?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started