Statement of Cash Flows for Mitchell Company

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.