The following information is related to Towson Company’s fiscal year 2018.

1.    An entity declared a cash dividend on its common stock in December
May 5, 2020
At fiscal year end, December 31, 2018, Somerset Corporation had total
May 5, 2020

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    30,000

                       Interest Expense                           5,000

           Balance Sheet – 12/31/17: Increase (Decrease)

                       Accounts Payable decrease    50,000

                       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 ( ).

 
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