Forte Company, a merchandiser, recently completed its calendar year 2018 operation. For the you, all sales are cred sales al credits to Accounts Receivable reflect cash receipts from customers. B) all purchases of Inventory are on credit 14 all debits to Accounts Payable reflect cash payments for inventory, and Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement, balance sheets, and additional Information follow FORTEN COMPANY Comparative Balance Sheets December 31, 2018 and 2017 Assets $ 76,90 92.95e 392.656 91, see 68.625 269,800 2,255 432,160 126.00 (55.ee) Accounts receiveble Inventory Prepaid expenses Total current assets Equipment Accu, depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-lern notes payable Total current liabilities Long-termotes payable Tutellabilities Equity C stock, $5 pat vai Paid in capital in excess of par, C Pened wines Total liabilities and it stock 550), FORTIN COMPANY In Statement for Year Ended December 11, 2015 563 11. Cost ut sold Operating expenses Depreciation Othe O Problem 12-4AA Indirect: Cash flows spreadsheet LO P1, P2, P3, P4 Additional Information on Year 2018 Transactions a. Net Income was $107775. b. Accounts receivable Increased c. Inventory Increased d. Prepaid expenses decreased e. Accounts payable decreased t. Depreciation expense was $38.750. 9. Sold equipment cosung $100.875, with accumulated depreciation of $48,125. for $29.625 cash. This yielded a loss of $23.125 h. Purchased equipment costing $114.375 by paying $66.000 cash and ) by signing a long-term note payable for the balance. Borrowed $5.800 cash by signing a short-term note payable J. Pald $59.125 cash to reduce the long-term notes payable k. Issued 4 300 shares of common stock for $20 cash per share 1. Declared and paid cain dividends of $53.700. Required: Prepare a complete statement of cash flows using a spreadsheet report its operating activities using the Indirect memoa (Enter an amounts as positive values FORTEN COMPAN for statement of Cash Flo For You Ana yus et Changes Forten Company, a merchandiset recently completed its calendar year 2018 operations. For the year all sales are credit sales, 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 debted to Prepaid Expenses. The company's income statement, balance sheets, and additional information follow FORTEN COMPANY Comparative Balance Sheets December 11, 2018 and 2017 2018 2017 $ 76.900 91. Accounts receivable 322.656 269,00 precand expenses Total current assets Equipment Accu depreciation Equipment Totales $ 567.7 Set Short-terrotes yale Total current liabilities Grosso here to search WR. 144, Common stock, 35 par value Paid-in capital in excess of car, c 198,758 177,250 on stock Total abilities and equity 161,989 5 567,771 107,905 583, 180 FORTEN COMPANY Income Statement For Year Ended December 31, 2018 Cost of goods sold GROSS profit Operating expenses Depreciation expense Other expenses Other pains ( es) Loss on sale of equipment 189.15e Income Taxes e pense $ 307,775 Problem 12-4AA Indirect: Cash flows spreadsheet LO P1, P2, P3, P4 Additional Information on Year 2018 Transactions a. Net Income was S07775 b. Accounts receivabe increased chventory increased d. Prepaid expenses decreased c. Accounts payable decreased 1. Depreciation expense was $38,750 Soldeguiment costing $100.875. Es t ed depreciation of $48125 for $29 625 cash. This yeded a loss of $23.125 h. Purchased arent conting 514 375 by Dying $66.000 chand bygningslong-term ney le or the balance Borrowed 55.000 cash by signing short om te byte Type here to search WERT so F G H Analysis of Changes Debe December 31, 2017 Balance sheet Accounts receivable 20000230 Prepaid expenses Euro 5 418 e here to search w ER TY ess of common stock 1 Pac c Rendeamings of 107 0051 Statement of cash flows Operating activities Investings D Type here to search W E RT Y