action - ch12

Required information [The following information applies fo the questions displayed below] Forten Company's cuirent year income statement comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all creeits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory Additional Information on Current Year Trensoctions a. The loss on the cash sale of equipment was $12.125 (detals in b) b. Sold equipment costing $67,875. with accumulated depreciation of $37125. for $18,625 cash. c. Purchased equipment costing $103,375 by paying $44,000 cash and signing a long-term notes payable for the balance d. Paid $48.925 cash to reduce the long-temm notes payable e. Issued 3,200 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,500 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year Note: Amounts to be deducted should be indicated with o minus sign. Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicoted with a minus sign