Need Help The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of$1,400,000, $140,000 in the common stock account and $2,650,000 in the additionalpaid-in surplus account. The December 31, 2014, balance sheet showed long-termdebt of $1,580,000, $150,000 in the common stock account and $2,950,000 in theadditional paid-in surplus account. The 2014 income statement showed an interestexpense of $94,000 and the company paid out $145,000 in cash dividends during2014. The firm's net capital spending for 2014 was $960,000, and the firm reducedits net working capital investment by $125,000. What was the firm's operating cashflow during 2014?

Step 1:Firm's operating cash flow during 2014 Cash Flow to CreditorsCash Flow to Creditors =…

Answered: The December 31, 2013, balance sheet of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,280,000, $120,000 in the common stock account and $2,120,000 in the additional paid-in surplus account. The December 31, 2014, balance sheet showed long-term debt of $1,410,000, $135,000 in the common stock account and $2,380,000 in the additional paid-in surplus account. The 2014 income statement showed an interest expense of $93,400 and the company paid out $135,000 in cash dividends during 2014. The firm's net capital spending for 2014 was $640,000, and the firm reduced its net working capital investment by $105,000. (Enter your answer as directed, but do not round intermediate calculations.) Required: What was the firm's operating cash flow during 2014? Operating cash flow +A
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