The following information is related to Towson Company’s fiscal year 2018.
Income Statement:
Net Income
$3,400,000
Depreciation Expense
550,000
Loss on Sale of Plant Assets
50,000
Interest Expense
5,000
Balance Sheet – 12/31/17: Increase (Decrease)
Accounts Payable decrease
15,000
Plant Assets – Purchased
250,000
Plant Assets – Disposals
(100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $30,000
Use this information to determine Towson Company’s Net Cash Flows from Operating Activities. If the
amount is an outflow then enclose the amount with dollar sign inside of brackets ( ).