Problem 2 The following information is related to Mitchell Company’s fiscal year 2018. Income Statement: Net Income $300,000 Depreciation Expense 30,000 Loss on Sale of Plant Assets 10,000 Interest Expense 500 Balance Sheet – 12/31/18: Accounts Payable Increase 4,000 Accounts Receivable Increase 5,000 Plant Assets – Purchased 200,000 Plant Assets – Proceeds from sale 100,000 Additional Information: Cash Balance – 12/31/2017: $50,000Common Stock exchanged for outstanding Long-Term Notes Payable of $150,000 Dividends paid were $30,000Use this information to prepare the Statement of Cash Flows for Mitchell Company using the indirect method.
