C12Q56

please help me fix wrong numbers and contruct second chart

[The following information applies to the questions displayed below.) Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year $ 54,400 70,310 280,156 1,280 406,146 154,500 (38,125) $522,521 Prior Year $ 76,500 53,625 254,800 2,005 386,930 111,000 (47,500) $450, 430 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 56,141 10,900 67,041 63,500 130,541 $119,175 6,600 125,775 51,750 177,525 167,250 42,000 182,730 $522,521 153,250 0 119,655 $450, 430 $597,500 288,000 309,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 23,750 Other expenses 135,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 159,150 (8,125) 142,225 28,450 $113,775 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $8,125 (details in t). b. Sold equipment costing $55,875, with accumulated depreciation of $33,125, for $14,625 cash. c. Purchased equipment costing $99,375 by paying $36,000 cash and signing a long-term note payable for the balance d. Borrowed $4,300 cash by signing a short-term note payable. e. Paid $51,625 cash to reduce the long-term notes payable. f. Issued 2,800 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $50,700, oblem 12-5AB Direct: Statement of cash flows LO P5 FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Debit Prior Year Credit December 31, Current Year $ $ 22.100 $ Balance sheel-debit Cash Accounts receivable Inventory Prepaid expenses Equipment 16,685 25,356 76,500 53,625 254,800 2,005 111,000 497930 54.400 70,310 280.156 1.280 154,500 560,846 725 55.875 99,375 $ $ $ $ $ 23.750 33,125 63,034 Balance sheel-credit Accumulated depreciation Equipment Accounts payable Short-term notes payable Long-term notes payable Common stock. $5 par value Paid-in capital in excess of par value, common stock Retained earnings 47,500 119,175 6,600 51.750 153,250 0 51.625 4,300 63,375 14.000 42.000 113.775 38,125 56,141 10.900 63,500 167.250 42.000 182,730 560.646 50,700 119,655 497.930 $ $ 113.775 Statement of cash flows Operating activities Net income Depreciation expenso Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Loss on sale of equipment OOOOOOO 23,750 (16,685) (25 356) 725 (63.034) (72.475) Investing activities Payment to purchase equipment Receipt from sale of equipment lo (36,000) 14,625 Financing activities Borrowed on short-term note Borrowed on long-term note Issued common stock for cash 4.300 (51.625) 56,000 0 Non cash investing and financing activities Purchase of equipment financed by long-term note payable 63 375 $ 246,600 $444,575 Required: Prepare a complete statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0