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can someone help me with this i think i have most of the answers filled in but still need help $ 607,500 290,000 317,500 FORTEN

can someone help me with this i think i have most of the answers filled in but still need help
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$ 607,500 290,000 317,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 137,400 Depreciation expense 25,750 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 163, 150 (10,125) 144,225 31,250 $ 112,975 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable 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 $ 57,400 73,320 283, 156 1,260 415,136 152,500 (39,125) $ 528,511 $ 78,500 55,625 256,800 1,995 392,920 113,000 (48,500) $ 457, 420 $ 58,141 74,000 132, 141 $ 122,175 60, 750 182,925 155, 250 170,250 45,000 181, 120 $ 528,511 119,245 $ 457,420 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $10,125 (details in b). b. Sold equipment costing $61,875, with accumulated depreciation of $35,125, for $16,625 cash. c. Purchased equipment costing $101,375 by paying $40,000 cash and signing a long-term notes payable for the balance. d. Paid $48,125 cash to reduce the long-term notes payable. e. Issued 3,000 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51100 Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (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 Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense Loss on disposal of equipment Changes in current assets and current liabilities Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable PS $ 0 Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 0 Net cash used in investing activities Cash flows from financing activities: Cash borrowed on short-term note Decrease in prepaid expenses Decrease in accounts payable $ Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment Net cash used in investing activities Cash flows from financing activities: Cash borrowed on short-term note Cash paid on long-term notes 0 Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0 $ 0 0

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