The December 31, 2022, balance sheet of Summit Manufacturing showed long-term debt of $2.25 million, $225,000 in the common stock account, and $3.45 million in the additional paid-in surplus account. The December 31, 2023, balance sheet showed long-term debt of $2.56 million, $245,000 in the common stock account, and $3.89 million in the additional paid-in surplus account. The 2023 income statement showed an interest expense of $135,000, and the company paid out $175,000 in cash dividends during 2023. The firm's net capital spending for 2023 was $850,000, and the firm increased its net working capital investment by $95,000. What was the firm's operating cash flow during 2023?

The December 31, 2022, balance sheet of Summit Manufacturing showed long-term debt of $2.25 million, $225,000 in the common stock account, and $3.45 million in the additional paid-in surplus account. The December 31, 2023, balance sheet showed long-term debt of $2.56 million, $245,000 in the common stock account, and $3.89 million in the additional paid-in surplus account. The 2023 income statement showed an interest expense of $135,000, and the company paid out $175,000 in cash dividends during 2023. The firm's net capital spending for 2023 was $850,000, and the firm increased its net working capital investment by $95,000. What was the firm's operating cash flow during 2023?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...

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