Question
The following information is related to Cardi Company's fiscal year 2019. Income Statement: Net Income$200,000 Depreciation Expense20,000 Loss on Sale of Plant Assets20,000 Interest Expense500
The following information is related to Cardi Company's fiscal year 2019.
Income Statement:
Net Income$200,000
Depreciation Expense20,000
Loss on Sale of Plant Assets20,000
Interest Expense500
Balance Sheet - 12/31/19:
Accounts Payable Increase3,000
Accounts Receivable Increase5,000
Plant Assets - Purchased200,000
Plant Assets - Proceeds
from sale100,000
Additional Information:
Cash Balance - 12/31/2018:$50,000
Common Stock exchanged for outstanding Long-Term Notes Payable of $150,000
Dividends paid were $20,000
Use this information to prepare the Statement of Cash Flows for Cardi Company using the indirect method.
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